Role of Statistics in economics! URGENT
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.
Regards
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.
Regards