Basic Tools of Economic – Measures of Central Tendencies
Economics SSS1 First Term
WEEK 3
Basic Tools of Economic – Measures of Central Tendencies
Performance Objectives
Student should be able to:
- Calculate the mean, median and mode of any given set of data.
Content
Measure of central tendency
This refers to the statistical information that gives the middle or centre or average of a set of data. There are three popular measures of central tendency. They are:
The Arithmetic Mean: the arithmetic mean also popularly referred to as the mean is the average of a series of figures or values. It is obtained by dividing the sum of these figures by the total number of the figures or values.
The formula for calculating mean
Mean = ∑X ÷ N
Here, ∑X= Sum of all the individual values and N= Total number of items
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- Meaning of Economics and Related Concepts.
- Basic Tools of Economic – Graph, Charts and Tables
- Basic Tools of Economic – Measures of Central Tendencies
- Concepts of Demand and Supply – Price System, Demand, Schedule, Curves and Laws.
- Concepts of demand and supply – Determinants of equilibrium price, quantity and point
- Economics SSS1 First Term Mid-Term Assessment
- Test
- Theory of production - Production
- Theory of Production – Division of Labour
- Theory of production - Scale of production
- Economic system – Capitalism
- Economic system – Socialism, Mixed Economy
- Basic economic problems of society
- Economics SSS1 First Term Final Assessment
- Test
- Concepts of demand and supply – Supply, schedules and Laws
- Chapters 14
- Category SSS1
- Author ClassNotes Edu
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