Economics is a science of human welfare and stats is an arithmetic of human welfare. Explain (pls tell fast..I have a test tomorrow)
Economics is a branch of social science which primarily focuses on various ways of maximising satisfaction, enhancing welfare both at individual and society level. It also provides us the framework to take various decisions rationally and logically in the face of unlimited wants and limited endowment of resources. The subject matter of economics focusses on maximising the human welfare with limited resources available. Hence, economics is a science of social welfare.
On the other hand, statistics is concerned with expressing the economic facts in quantitative or numeric terms to derive meaningful conclusions from it. These conclusions are used to formulate human welfare policies in an economy. Hence, statistics is an arithmetic of human welfare.
On the other hand, statistics is concerned with expressing the economic facts in quantitative or numeric terms to derive meaningful conclusions from it. These conclusions are used to formulate human welfare policies in an economy. Hence, statistics is an arithmetic of human welfare.