Question

How is statistics important for studying economics?

Answer 1

statistics are impotence in economics as they tell us the growth in downfall of production and thuswe understand in better way

Answer 2

Explanation:

The importance of 'statistics studying' in economics:

• Economics starts with economic research methods. The subject includes 'statistical analysis' of problems and topics in macroeconomics, forecasting, microeconomics, business, policy evaluation, and finance.  

• Like if you want to know the contrast of poverty rate of every year, it helps us to show the information in a sheet of paper and it will show a comparison between every year and even that help us to develop or progress.  

So statistics play a major role in economics.