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:

Statistics means quantitative information or quantification of the facts and findings. It may be raw information which, needs to be classified or needs to be systematically presented. It's functions are:

1) Quantitative Expression of Economic problems.

2) Inter sectoral and Inter temporal Comparison.

3) Working out Cause and Effect Relationship.

4) Construction of Economic Theory or Models.

5) Economic Forecasting.

6) Formulation of Policies.

7) Economic Equilibrium.

Step-by-step explanation: