Explain the different uses of statistics in economics
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1..Help in understanding and solving an economic problem :― Consider any economic problem be it the problem of unemployment, the problem of price rise or the problem of shrinking exports. The first of the economists is to understand it's magnitude through it's quantitative expression and solve it..
2.. Only the experts can make the best possible use of statics :– Statics cam be used only by the those persons who have sprciaL knowledge of statical method. Those who are ignore about these methods cannot make sensible us3 of statistics. It can , therefore be said that data in the hands of a quack eho may abuse it , leading to disastrous consequences..
3.. It doesn't study of individual :― Statics only with aggregates of facts and no importance is attached to individual items...
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1..Help in understanding and solving an economic problem :― Consider any economic problem be it the problem of unemployment, the problem of price rise or the problem of shrinking exports. The first of the economists is to understand it's magnitude through it's quantitative expression and solve it..
2.. Only the experts can make the best possible use of statics :– Statics cam be used only by the those persons who have sprciaL knowledge of statical method. Those who are ignore about these methods cannot make sensible us3 of statistics. It can , therefore be said that data in the hands of a quack eho may abuse it , leading to disastrous consequences..
3.. It doesn't study of individual :― Statics only with aggregates of facts and no importance is attached to individual items...
May be it's help you
Plzzzz mark as brain list.....☺☺
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