Q. Write in brief about the scope of statistics in economics. How can statistics be misused by sellers in the market ? 

Dear student,

Statistics gives quantitative aspect to qualitative statements, when economic terms are stated in statistics they become more exact. Interrelation between various economic data are studied with help of statistical tool. Statistics also plays an important role in functioning of economy, statistics is also used to study the performance of economy.

As statistics involves numerical data it can be misused by personal bias of an individual, therefore the sellers can misuse statistics in market.

Regards

  • -3
What are you looking for?