discuss the relationship between statistics and economics.(any 4 points).

The following points highlight the relationship between statistics and economics.

1. Statistics forms the basis for analysing the performance of an economy and comparing  it with other economies. For instance, data on National income for different years can be used to assess the economic performance of the concerned economy. 

2. It helps in analysing the magnitude and gravity of economic problems such as unemployment, poverty, illiteracy, etc., thereby, helps in the formualtion of suitable policies to control and remove them. 

3. It helps in analysing the relationship between different economic variables

4. Statistics forms the base for economic theories and models

  • 13
What are you looking for?