FYBCOM Sem 1 Basic Tools in Economics Chapter 9 Notes 2024 – Tables and Schedules
FYBCOM Sem 1 Basic Tools in Economics Chapter 9 Notes is Tables and Schedules.
In this chapter Tables or schedules are very important tools of economic analysis.
In order to understand and analyse economic phenomena, it is important to collect information about different variables and measurements. Data presented in tabular form are gsed by economists rely to interpret and analyse economic behaviour and events.
The notes we provide for FYBCOM students are not tied to a certain course. Students pursuing FYBAF and FYBMS study similar subjects in their first semester, such as Basic Economics Tools, so these notes are equally beneficial to them. Our detailed notes are meant to make it easier for all students in these courses to understand the important concepts. Whether you are in FYBCOM, FYBAF, or FYBMS, these notes will help you succeed academically.
Q.1 A) Select the most appropriate alternative and rewrite the statement:
1) A ______ contains a collection of detailed information and raw data on a particular subject.
a) Specific table
b) General purpose table
c) Derived table
d) Summary table
2) Choose the incorrect statement:
a) Primary tables present data in their original form.
b) A derived table presents data in percentages or ratios.
c) A complex table is also known as a univariate table.
d) Multi-property tables are the most complex tables.
3) A collection of information in the form of numerical figures is known as ______.
a) Data
b) Variable
c) Tables
d) Shedules
4) Choose the correct statement:
a) A specific table is also known as an analytical table
b) Consumer surveys are th e only source of market i i available to companies. i
c) A general purpose table is also known as interpretative table.
d) It is not necessary to give the source of information i ion in i case of
5) Which of the following describes a derived table?
a) It presents data in the original form.
b) It presents data in percentage or ratios.
c) ltis referred to as a classification table.
d) Data S collected through consumer surveys is i an example of derived data.
6) Data collected from a population on the basis of income, gender, region, age and language, can be tabulated as
a) A simple table
b) A dual property table
c) A triple property table
d) A multiple property table
Q.1 B) State whether the following statements are true or false. Give reasons for your answers.
- Economic analysis is made easier with the help of tables and schedules. – True
- Tabulation of irrelevant data should be avoided. – True
- General purpose tables have specific analytical objectives. – False
- Specific purpose tables are known as repository table. – False
- Specific purpose tables are also known analytical tables. – True
- Specific purpose tables are usually a part of the appendices of reports and research papers. – False
- Derived tables are sourced from primary tables. – True
- A table indicating a country’s GDP growth rate over a ten-year period is an example of a primary table. – False
- A price-demand schedule is an example of a complex table. – False
- Addition of tables makes the research work more transparent and accessible. – True
- Firms nowadays need not rely only on primary sources data through surveys. – True
Q.2) Answer the following question
1) Define a table or a schedule. What are the features of a good table or schedule?
Answer: Definition of a Table or Schedule
A table or schedule is a systematic arrangement of information and numerical data organized in rows and columns. This format facilitates easier understanding and analysis of economic relationships between different variables. Tables are essential tools in economics for presenting complex data succintly, allowing for better interpretation and analysis of trends and patterns.
Features of a Table or Schedule
- Relevance: The data must be relevant to the analysis being conducted. Irrelevant information can lead to misinterpretation.
- Purpose: The purpose of the table should be clearly stated at the beginning, guiding the reader on how to interpret the data.
- Systematic Arrangement: Information should be organized logically, making it easy to understand.
- Proper Titles and Labels: Each column and row must be clearly labeled to indicate what data is being presented, including units of measurement.
- Source of Information: The origin of the data should be cited, ensuring that it is credible and trustworthy.
2) Explain how tables are classified as general purpose tables and specific purpose tables.
Answer: Classfication of Tables: General Purpose and Specfic Tables
Tables are essential tools for organising and presenting data systematically, making it easier to analyze complex information. They can be classified based on thier purpose and the nature of the data they contain. Here’s a simplified explanation of the two main classifications. General Purpose and Specfic Tables
General Purpose Tables
Definition: General purpose tables are designed to provide a broad collection of detailed information on a particular subject without specfic analytical goal.
Characteristics:
- Raw data: They contain raw or unprocessed data, which can serve as a reference for various users, including researchers, policymakers, and students.
- Reference Use: These tables are often included appendices of reports or research papers as reference material.
- Examples: Common examples include census reports that show demographic data, or tables detailing industrial production figures.
Specfic Purpose Tables
Definition: Specific purpose tables are tailored to present data with a particular analytical objective in mind.
Characteristics:
- Analytical focus: Unlike general purpose tables, specific purpose tables are created to support analysis and inference about specific relationships or trends.
- Interpretative Nature: These tables are often integrated within the main text of reports to highlight key findings or summaries.
- Examples: An example would be a summary table showing export and import values over time, which helps analyze trade trends.
3) How are primary tables different from derived tables?
Answer: Primary Tables and Derived Tables are two essential types of tables used in economic analysis and data presentation. Understanding is crucial for interpreting data effectively.
Primary Tables
Definition: Primary Tables contain data presented in the original form as collected from primary sources. They are also referred to as orginal tables or classification tables.
Data Characteristics: The data in primary tables is raw and processed, meaning it is shown without any modifications such as rounding off or averaging. This allows researchers and analysts to work with the most accurate figures available.
Examples: Common examples include data collected from consumer surveys or census employement data. For instance, a table showing the number of people employed in various sectors durinng a census would be a primary table.
Derived Tables
Definition: Derived tables represent infomrmation that haas been processed or transformed fromm primary data. They summarize, average, or otherwise maniplate the original data to provide insights.
Data Characteristics: The information in derived tables often includes aveerages, percentages, indices, or ratios. This transformation makes it easier to compare data over time or against otherr variables.
Examples: An example of a derived table could be one shows the percentage growth of various economic indicators ove different fiscal years, such as the growth rates of money supply components in India.
4) Explain, with examples, the classification of tables on the basis of the nature of construction.
Answer: Tables are essential tools for organizing presenting data in a structured manner. they can be classified based oon their nature of construction, which includes how data is presented and the complexity of tables based on their construction, along withh examples.
Classification of Tables Based on Nature of Construction
1) Simple Tables
Definition: Simple tables present data related to a single characteristic or variable.
Example: A demand schedule showing quantity demanded of a product at various prices is a simple table. It might look like this:
| Price per Unit (P) | Quantity Demanded (Q) |
|---|---|
| 2 | 14 |
| 4 | 12 |
| 6 | 10 |
| 8 | 8 |
| 10 | 6 |
This table illustrates how the quantity demanded decreases as the price increases demonstrating a basic economic principle.
2) Complex Tables
Complex tables provide more detailed information by presenting multiple characteristics or variables. they can further divided into:
a: Two-way or Dual Property Tables
Definition: These tables show the relationship between two variables.
Example: A table showing consumption expenditure and savings in response to changes in national income might look like this:
| National Income(Y) | Consumption (C) | Savings(S) |
|---|---|---|
| 0 | 20 | -20 |
| 60 | 70 | -10 |
| 120 | 120 | 0 |
| 180 | 170 | 10 |
| 240 | 220 | 20 |
This table helps analyze how changes in income affect consumptions and savings.
b: Three way or Triple Property Tables
Definition: These tables present data involving three interrelated characteristics.
Example: A table showing the distribution of vocational training recipients by age, gender, and location could look like this:
| Age Group | Rural Male (%) | Rural Female (%) | Urban Male (%) | Urban Female (%) |
|---|---|---|---|---|
| 15-29 years | 24 | 15 | 48 | 46 |
| 30-59 years | 22 | 17 | 68 | 54 |
This format allows for a comprehensive comparison across multiple demographics.
c: Multiple-Property Tables
Definition: These tables provide information on several interrelated variables and are often more complex.
Example: A table that combines various economic indicators such as GDP, unemployment rate, and inflation rate across different time periods would fall into category.
5) Discuss the various uses of tables or schedules.
Answer: Definition of a Tables and Schedules
A table or schedules is a structured arrangement of information, typically displayed in rows and columns. This format allows for easy comparison and understanding of various data points, making it easier to analyze relationships between different variables.
Various Uses of Tables and Schedules
Tables and Schedules serve multiple purposes across different fields:
1) Systematic Presentation of Data: They provide a clear summary of large datasets, making it easier to visualize and understanding complex information.
2) Analysis and Interpretation: Economists and analysts use tables to explore relationships between variables, aiding in decision making processes.
3) Research and Publication: Researchers incorporate tables into thier reports to present findings clearly, enhancing the overall quality of thier work.
4) Comparison: Tables facilitate easy comparisons between different datasets, such as economic indicators over time or demographic statistics across regions.
5) Business Strategy Development: Companies utilize tables to inform decisions regarding pricing, marketing strategies, and production planning based on consumer demand patterns.
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