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Economics

Mode

Mode is the figure or number which has the highest frequency. It is the number which occur most in the […]

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Economics

The median

THE MEDIAN The median is defined as an average which is the middle value when figures are arranged in order […]

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Economics

Arithmetic Mean (A.M)

The arithmetic mean, also popularly referred to as the ‘mean’ is the average of a series of figures or values. […]

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Economics

Pie Chart: Representation of data

A PIE CHART SHOWING THE % OF DESTINATIONS OF CANDIDATES NOTE: Before drawing the pie chart the following table process […]

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Economics

Table and Bar Chart: Representation of data

A table is an orderly arranged list of information, facts or data, usually set out in rows and columns, and […]

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Economics

Basic Economic problems of the society

In every economic system, what to produce, how to produce, for when to produce and efficiency of the resources used […]

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Economics

Importance Of Opportunity Cost To An Individual, A Firm And A Government

The concept of the opportunity cost underlines the basic economic problems of scarcity and choice, and is relevant to the […]

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Economics

Scale of Preference, Scarcity, Wants, Choice and Opportunity cost

The basic concept or elements of economics are: wants, scarcity, scale of preference, choice and opportunity cost. Wants Wants simply […]

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Economics

Economics as a science

Economics can be called a science. It has many laws like the physical sciences. The economist observes the behaviour of […]

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Economics

Meaning and scope of Economics

Economics has very many definitions. There are a variety of modern definitions of economics. Some of the differences may reflect […]