state the important points on the significant of statistic in economics
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Quantitative expression of economic problems: Statistics is an essential tool for an economist to understand the problems of an economy through quantitative data. ... Forecasting: Statistical data are useful to forecast the changes in the factors which influence other factors.
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In economics research, statisticalmethods 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
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