Question

what is the importance of statistics in economics

Answer 1

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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Answer 2

The consequence of statistics in economics commences with finance analysis methods. These are utilized to assemble and interpret data for constituents, such as per capita wages and expansion time. Statistics play a significant role in this domain and they support into specific since both are the comprehensive estimate and fact-based.

The range of statistics is the ability to receive from data. Statistical knowledge encourages you to practice the conventional methods to accumulate the data, manipulate the correct inquiries, and completely perform the outcomes.