Economic data
Also called: Economic facts · Topic: Economic Data: Census, NSS, Surveys and Statistical Tools · NCERT: Class 9, Ch 8 "Building Blocks in Economics: The Problem of Choice"; Class 11, Ch 1 "Introduction (Statistics for Economics)"; Class 11, Ch 2 "Collection of Data"
Meaning
Economic data are economic facts expressed in numbers. They are collected to understand an economic problem and the causes behind it. Economics needs such facts on its three core areas: consumption, production and distribution. It also needs facts on special problems such as poverty, disparity, unemployment and the cost of disasters. Data are the first link in the chain from facts to policy: without data there is no analysis, and without analysis there is no policy.
Example
The statement that India's rice output rose from 39.58 million tonnes (1974-75) to 106.5 million tonnes (2013-14) is economic data. So is the average monthly spending per person of a rural household, which was Rs 4,122 in 2023-24 (HCES).
Don't confuse with
- Qualitative data: these record attributes such as gender that cannot be measured in numbers. Economic data, as defined here, are facts stated in numbers.
Related concepts
- Statistics
- Economic analysis
- Economic policy
- Quantitative data
- Qualitative data
- Statistical prediction
- Statistical methods are no substitute for common sense
- Project report
- Target group