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Measures Of Central Tendency

ICSE · Class 11 · Economics

Flashcards for Measures Of Central Tendency — ICSE Class 11 Economics. Quick Q&A cards covering key concepts, definitions, and formulas.

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Card 1Meaning of Central Tendency

What is central tendency?

Answer

Central tendency is a single figure that represents the whole mass of data. It gives one central value for a group of observations and helps summarize data in a simple form.

Card 2Objectives and Functions of an Average

Why are measures of central tendency used in economics?

Answer

They help represent complex data in a simple form, make comparison between groups easier, support policy formulation, and assist economic analysis. For example, average wages can be used to compare tw

Card 3Kinds of Statistical Averages

What are the three most commonly used measures of central tendency?

Answer

The three most commonly used measures are arithmetic mean, median, and mode. They are often called the 3Ms of central tendency.

Card 4Kinds of Statistical Averages

What are geometric mean and harmonic mean in relation to this chapter?

Answer

Geometric mean and harmonic mean are additional types of averages, but they are not discussed in this chapter. The chapter focuses on arithmetic mean, median, and mode.

Card 5Arithmetic Mean

Define arithmetic mean.

Answer

Arithmetic mean is the sum of all values of a group of items divided by the number of items. It is the most popular measure of central tendency and can be simple or weighted.

Card 6Arithmetic Mean Formula

What is the formula for arithmetic mean in an individual series?

Answer

The formula is X̄ = ΣX / N, where ΣX is the sum of all values and N is the number of items.

Card 7Arithmetic Mean in Discrete Series

How is arithmetic mean calculated in a discrete series?

Answer

The direct formula is x̄ = ΣfX / Σf. Each value is multiplied by its frequency, and the total is divided by the total frequency.

Card 8Arithmetic Mean in Continuous Series

How is arithmetic mean calculated in a continuous series?

Answer

First find the mid-points of class intervals. Then use x̄ = Σfm / N, where m is the mid-value of each class and N is the total frequency.

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