Question

What is economics ???? and what is meaning , scope and importance of stastics in economics

Answer 1

Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man.

Economies of scope are "efficiencies formed by variety, not volume" (the latter concept is "economies of scale").For example, many corporate diversification plans assume that economies of scope will be achieved.

Economics largely depends upon statistics. National income accounts are multipurpose indicators for economists and administrators, and statistical methods are used to prepare these accounts. In economics research, statistical methods are used to collect and analyze the data and test hypotheses. The relationship between supply and demand is studied by statistical methods; imports and exports, inflation rates, and per capita income are problems which require a good knowledge of statistics.

I HOPE IT WILL BE HELPFUL TO YOU.

Answer 2

the branch of knowledge concerned with the production, consumption, and transfer of wealth.

In economics research, statistical methods 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

Scope of Statistics: ... Statistical data and techniques of statistical analysis are immensely useful in solving economical problems such as wages, price, time series analysis, demand analysis. It is an irreplacable tool of production control.