Question

Explain the importance of statistics in economics

Answer 1

◆ Definition :-


Statistics is a collection of numerical facts or statistical deals with the collection , arrangement, presentation, Analysis, Interpretation of quantity information.

◆ Importance of statistics in Economics :-


1. Formulation of Economic loss, such as Demand & Supply.

2. It helps in understanding & solving economic problems such as unemployment, poverty.

3. Distribution of Income & Wealth.

4. It is helpful in the study of market structure such as price, cost in different markets.

5. It is helpful in the study of behavior of economic concept.

6. Price analysis.