This document provides an overview of basic statistics concepts including: - Statistics is used to determine the difference between chance and real effects by analyzing numerical data - Averages can be calculated and presented in different ways (mean, median, mode), which can provide different perspectives on the data - Statistics is applied in many fields to help with planning, assessing programs, and proving or disproving economic theories - Common statistical tools include variables, matrices, frequency tables, probability calculations - Limitations include that statistics deals with aggregates and variability rather than individual accuracy, and numbers can be misused out of context