Question

Give an example of how statistics help in predicting the changes in economic factors.​

Answer 1

Answer:

assessing relationship between different economic variables such as population and poverty, price and demand. ... For instance, predicting how inflation would be affected if money supply is increased in the economy. decision making at micro level i.e firms, households etc with regard to production, consumption etc.

Answer 2

Answer:

assessing relatio.nship between different economic variables such as population and poverty, price and demand. ...