Question

Briefly explain how statistics hdps to study economics​

Answer 1

Answer:

1. Statistics is an inevitable tool in the hands of economics. It helps to understand various economic problems and formulate measures to solve them.

2. Complex numerical data in economics are simplified through statistical method.

3. Voluminous data are reduced to a few figures making them easily understandable.

4. Imports and exports of a country may be compared each other or with those of another country.

5. Knowledge of trends and tendencies helps in making future plans.

6. The government plans and makes policies based on statistics.