Question

"Economic data is not very easy to understand and comprehend but with the help of statistics

we can arrive at some logical value from such data". Enumerate main functions of statistics in

the light of above statement.​

Answer 1

Answer:

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Explanation:

Ques 3 Economic data is not very easy to understand and comprehend but with the help of statistics we can arrive at some logical value from such data". Enumerate main functions of statistics in the light of above statement.

Ans: Statistics means quantitative information or quantification of the facts and findings. It may be raw information which, needs to be classified

Answer 2

Answer:

Explanation:

• In this given question we are given that- economic data is not easy to understand and comprehend but with the help of statistics we can arrive at some logical value from such data.
• So basically we have to tell how statistics helps to study economics.
• The field of statistics deals with the collection, analysis, presentation, organization and interpretation of the data.
• It plays very important role in understanding the economic data such as relationship between the quantity and price. It also helps in relationship of supply and demand, economic output, GDP.
• Statistics are present in definite form so because of that they help in condensing the data.
• it also simplifies the mass of figures which helps to study economic data.
• It also helps for prediction.

Hence, statistics is important to study economic data.

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