Question

Explain with illustrations the usefulness of statistics in economic planning

Answer 1

Answer:

Statistics is the most important tool in economic planning. Statistics helps economic planning by collecting data of national resources both human and natural. For drawing a plan of their use, we need the help of Statistics.

Explanation:

Answer 2

1.Statistics is the most important tool ineconomic planning. Statistics helpseconomic planning by collecting data of national resources both human and natural. For drawing a plan of their use, we need the help of Statistics.

2.economics research, statistical methods are used to collect and analyze the data and test hypotheses. The relationship between supply and demand is studied by statistical methods; imports and exports, inflation rates, and per capita income are problems which require a good knowledge ofstatistics.