Question

give the point of importance of statistical information in the study of economics??​

Answer 1

$\huge\bold\red{Hello}$

Quantitative expression of economic problems: Statistics is an essential tool for an economist to understand the problems of an economy through quantitative data. ... Cause and effect relationship: Different sets of data are used to find the cause and effect relationship.

Answer 2

Statistical data helps economists to understand the behaviour of the producer and consumer in the market.

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