NCERT Class 11 Economics Statistics for Economics: Chapter 5 — INTRODUCTION
This chapter introduces the concept of Measures of Central Tendency in Statistics for Economics. It explains the need for summarizing large datasets with a single representative value, such as average marks, rainfall, or income. The chapter highlights that central tendency provides a numerical method to briefly describe data. It outlines the learning objectives, which include understanding different types of averages, computing them, and selecting the most appropriate average for a given situation. The text introduces Arithmetic Mean, Median, and Mode as the three most commonly used averages, with a brief mention of Geometric Mean and Harmonic Mean. The Arithmetic Mean is defined as the sum of all observations divided by the total number of observations, denoted by X̄ = ΣX / N. This chapter aims to equip students with the skills to analyze and interpret economic data effectively.
Quick info
| Board | CBSE / NCERT |
|---|---|
| Class | Class 11 |
| Subject | Economics |
| Book | Statistics for Economics |
| Chapter | Chapter 5 — INTRODUCTION |
| Language | English |
| PDF type | NCERT Textbook |
| Session | CBSE 2026 |
| Reading time | 4 minutes |
| Word count | 624 |
Learning outcomes
- Understand the necessity of summarizing data with a single value.
- Identify and differentiate between various types of averages.
- Learn to calculate different measures of central tendency.
- Draw meaningful conclusions from statistical data.
- Determine the most suitable average for specific situations.
Vocabulary
| Word | Meaning |
|---|---|
| Central Tendency | A numerical method to explain data in brief by a single representative value. |
| Arithmetic Mean | The sum of the values of all observations divided by the number of observations. |
| Median | A measure of central tendency representing the middle value of a dataset. |
| Mode | A measure of central tendency representing the most frequent value in a dataset. |
| Observations | The individual values or data points in a dataset. |
| Dataset | A collection of data. |
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Practice questions
- What is the main purpose of measures of central tendency? Answer: To summarize a large set of data in brief using a single representative value.
- Name the three most commonly used measures of central tendency. Answer: Arithmetic Mean, Median, and Mode.
- How is the Arithmetic Mean calculated? Answer: By adding up all the values of observations and dividing by the total number of observations.
- What does 'N' represent in the formula for Arithmetic Mean? Answer: N represents the total number of observations.
Frequently asked questions
What are measures of central tendency?
Measures of central tendency are numerical methods used to summarize a dataset by a single, representative value.
Why are measures of central tendency important in economics?
They help in understanding and comparing economic conditions, such as average income, production, or land holdings, by summarizing large sets of data.
What is the formula for Arithmetic Mean?
The Arithmetic Mean (X̄) is calculated as the sum of all observations (ΣX) divided by the total number of observations (N): X̄ = ΣX / N.
What are the three main types of averages discussed?
The three main types of averages discussed are Arithmetic Mean, Median, and Mode.
Are there other types of averages besides Mean, Median, and Mode?
Yes, the chapter mentions Geometric Mean and Harmonic Mean, which are suitable in certain specific situations.
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NCERT Class 11 Economics — Statistics for Economics — Chapter 5 — INTRODUCTION. Verified by NCERT Help Editorial Team. Reviewed on 29 Jul 2026. Last updated 10 Aug 2026.