Question

Briefly explain how statistics helps to study economics.
​

Answer 1

$\huge\green{\mid{\underline{\overline{\tt Answer}}\mid}}$

Statistics helps an economist to present economic facts or data in a precise and definite form. Statistics helps to condense or reduce the bulk of data. Eg: finding the average income of the population. Statistics facilitates forecasting and predicting of future.

Mark it as brainliest

Answer 2

statistics helps to study economics in many ways -

1. the data which are collected during surveys and analysis needs to be co related which is possible only with the help of statistics.
2. it also helps in explaining the theory part of the economics very efficiently.
3. it helps in deriving co relations between variables like demand, supply, price, output etc.
4. with the help of statiscal tools, economics can be precisely and definitely explained.