Pls explain role of statistics in. 1. Economics. 2. Economic planning. 3. Business. 4. Administration. Point wise please....

Dear student

Statistics plays an important role in Economics in following ways-
i) It helps in the formulation of various economic plans, policies and theories.
ii) It helps in establishing cause and effect relationship between various economic variables. For example- price and demand.
iii) It helps the economy to analyse its performance and also helps in comparison of performance with other economies. 
iv) It helps to represent economical data like employment rate, poverty, etc. in an effective manner.

It plays important role in Economic planning as the success of plan depends on the accuracy of statistical data.

In business statistics play an important role, by helping business in estimating demand of products by using various statistical methods.

In Administration, state collect the facts relating to population, per capita income, education, employment, etc. by way of statistical methods.


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