Question

what are functions and importance of statistics in economics

Answer 1

Statistics are important in every field of business. They give us a measurement of how well something is doing or how likely that something is going to happen. The field of economics depends greatly on the likelihood that something is going to happen. Statistics tell the economists how much income the average person makes and how much they spend on items. It tells them how much credit they have and how much interest is being paid. Inflation depends strongly on the statistics of the country and even other countries.