Question

bref explain how statestic help to stady economic big answer​

Answer 1

Explanation:

• Analysis of economic problems : An economist uses statistics to understand and analyse economic problems.
• Applying cause and effect relationship : An economist uses statistics to establish cause-effect relationship between different sets of data.
• Formulating economic theories : An economists formulates economic theories on the basis of results derived from cause-effect relationships.
• Forecasting : An economist forecasts the behaviour of economy on the basis of results derived from past statistical data.
• Formulating economic policies : The government formulates its economic policies on the basis of comparison of past statistical data with the present scenario.
• National Income Accounting : The national income of the country is calculated on the basis of statistical data collected from all the producing units, households and expenditure sectors of the economy.