Please give me notes of Concept …

Some recent definitions have been called growth definitions.

1. According to Professor Henry Smith, "Economics is the study of how in a civilized society one obtains the share of what other people have produced and of how the total product of society changes and is determined."
2. According to Jacob Viner, "Economics is what economists do."
3. According to Paul A Samuelson, "Economics is the study of how men and society choose, with or without the use of money, to employ scarce productive resources which could have alternative uses, to produce various commodities over time and distribute them for consumption now and in future amongst various people and groups of society."

Importance of statistics:

1. Formulation of economic laws: it helps in formulation of laws and models e.g. law of demand  has been developed by the inductive method of genralisation which is based on statistical principles.
2. Understanding economic problems: it plays a  vital role in understanding and solving economic problems such as poverty, unemployment, etc.
3. Study of market structures: study of monopoly, monopolistic competition, oligopoly, and monopolistic competition requires statistical comparison of market prices, cost, and profits of individual firms.
4. Intersectoral anf intertemporal  comparison:  statistics helps in the comparision of different sectors of the economy and also helps in comparison of variables in two different time periods
5. Economic forcasting: by using statistical tools , methods, and techniques one can forcast e.g growth of the country in the coming  fiscal year or rate of inflation in the coming month.