Question

discuss the importance of statistics in economics ? give any three points . answer fast​

Answer 1

Answer:

The field of Statistics deals with collection, organisation, analysis, interpretation and presentation of data. Statistics plays a vital role in understanding economic data such as the relationship between the quantity and price, supply and demand, economic output, GDP, per capita income of nations etc.

Forecasting: Statistical data are useful to forecast the changes in the factors which influence other factors. This information enables economists to formulate polices and suggestions to overcome the problem. Formulation of policies: Statistical data is essential for formulating policies of economic developmen

Explanation:

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