AEC 203: Statistics for Economists I Notes

Institution: Kenyatta University

Course: Bachelor of Commerce

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Summary

Notes for AEC 203: Statistics for Economists I.

Brief Overview:

Statistics has two distinct meanings:
- Facts which can be put into a numerical form, e.g. Unemployment statistics, population statistics
- Statistical Methods
Bowley describes statistical methods as devices for abbreviating and classifying numeral statements of facts in any department of enquiry and making clear the relations existing between them. The meaning of statistics is derived from its being taken as a plural or singular noun. In singular, statistics is taken to mean methods and theories that are applied in the analysis of numerical data for the purpose of making rational decisions. In plural, statistics are aggregate of facts, affected to a marked
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