how is statistics important for studying economics
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The importance of statistics in economics starts with economics research methods. These are used to collect and analyze data for factors, such as per capita income and inflation rate. Statistics play a major role in this field and they feed into each since both are largely number- and fact-based.
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Analysing the statistical data helps in deriving results of the currenteconomic status and in interpreting the future results or outcomes.Statistical investigations are used in the formation of economicpolicies like price policies, income policies, etc.
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