Question

use real life examples to explain how statistics enables us to do the following: a) economic forecasting
b) formation of policies​

Answer 1

Answer:

It is the most important tool in the economic

planning. Every phase in the economic planning

drawing a plan, execution and review is based on

statistics. By economic planning we mean taking

of major decisions in advances i.e., what to

produce, how to produce and for whom to

produce in accordance with a plan. It implies a

conscious and deliberate action to attain certain

predetermined economic aims.

a)An economist forecasts the behaviour of economy on the basis of results derived from past statistical data.

b) The government formulates its economic policies on the basis of comparison of past statistical data with the present scenario.

You can also take help from the first paragraph. I have added more information in it. Please mark me as brainliest