Question

concept of economics and significance of statistics in economics notes​

Answer 1

Answer:

Meaning of Statistics in plural sense : In plural sense statistics means statistical data ''By statistics we mean aggregate of facts affected to a market extent by multiplicity of causes numerically expressed enumerate or estimated according to a reasonable standard of accuracy, collected in a systematic manner for a ...

a] Importance to the Government :– Statistics is used in administration and efficient functioning of departments. It collects data to fulfill its welfare objectives. 1] Statistics helps in making economic laws like law of demand and concept of elasticity. 2] It helps in understanding and solving economic problem.