what are the three importance of statistics in economics
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Economics is defined as the study of how people behave with regard to the production and consumption of goods. As a social science, economics attempts to describe trends in consumer markets, such as wealth acquisition and transfer. There are two forms of economics:
Macroeconomics: analysis of large-scale economic activity, such as within a country or international marketMicroeconomics: analysis of small-scale economic activity, such as between individuals and corporations
There are various themes studied within both forms of economics, including costs, production, consumption, and the rationales behind individual, corporate, national and international trade. In order to develop hypotheses around the various topic areas, economists make use of statistics and are able to compare information. Economic statistics involve quantitative data that describe either past or present trends. The data may be presented in various ways:
Time-related: to show trends and changes that occurred across a specific period of time, for example, unemployment rates or housing costs during a 10-year periodCross-section: to show trends and changes within a specific period of time, for example, job statistics for current year college graduates
Economic statistical data sets include information about measurement, sample sizes, collection procedures and analysis processes. The data are often published for public use, such as through the United States Census or for private use, such as intra-company data used for decision-making.
Macroeconomics: analysis of large-scale economic activity, such as within a country or international marketMicroeconomics: analysis of small-scale economic activity, such as between individuals and corporations
There are various themes studied within both forms of economics, including costs, production, consumption, and the rationales behind individual, corporate, national and international trade. In order to develop hypotheses around the various topic areas, economists make use of statistics and are able to compare information. Economic statistics involve quantitative data that describe either past or present trends. The data may be presented in various ways:
Time-related: to show trends and changes that occurred across a specific period of time, for example, unemployment rates or housing costs during a 10-year periodCross-section: to show trends and changes within a specific period of time, for example, job statistics for current year college graduates
Economic statistical data sets include information about measurement, sample sizes, collection procedures and analysis processes. The data are often published for public use, such as through the United States Census or for private use, such as intra-company data used for decision-making.
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The importance of statistics in economics are as follows:
1. Helpful in calculating PCI:
Statistics helps us to calculate the PCI. PCI is the one of the component of NI in economics. It is accounted by the help of NI and the size of population. Thus, statistics helps us in calculating PCI.
2. Helpful in analyzing consumer’s satisfaction:
The statistical tools help the particular economy to analyze and make scientific and systematic report of consumer’s satisfaction. It helps in finding out the information about the consumer. So the degree of consumer’s satisfaction can be measured by the numerical evidence with the help of statistics.
3. Helpful in production functions:
The relationship between the various factors of input and out put is termed as production function. In fact, such a production function is evaluated by the help of various statistical tools.
PLZZ MARK BRAINLIEST HOPE IT HELPS U.
1. Helpful in calculating PCI:
Statistics helps us to calculate the PCI. PCI is the one of the component of NI in economics. It is accounted by the help of NI and the size of population. Thus, statistics helps us in calculating PCI.
2. Helpful in analyzing consumer’s satisfaction:
The statistical tools help the particular economy to analyze and make scientific and systematic report of consumer’s satisfaction. It helps in finding out the information about the consumer. So the degree of consumer’s satisfaction can be measured by the numerical evidence with the help of statistics.
3. Helpful in production functions:
The relationship between the various factors of input and out put is termed as production function. In fact, such a production function is evaluated by the help of various statistical tools.
PLZZ MARK BRAINLIEST HOPE IT HELPS U.
PLZZ MARK BRAINLIEST
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