what is the realtionship between economic and statistics
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Answer:
1. Statistics forms the basis for analysing the performance of an economy and comparing it with other economies. For instance, data on National income for different years can be used to assess the economic performance of the concerned economy
Economics and statistics are closely linked for people who focus on applied economics for many industries. I have focused on applying economics to the banking industry. The international regulators require that banks create forecasting models that use various economic scenarios to estimate the impact of dire economic conditions on the various businesses of a bank and the capital required to offset loan losses, operating losses, etc. The models use a wide array of statistical tools: multi-linear regression, logistic regression, etc.
Similarly, many academic economists use statistics/econometrics to evaluate various theories and hypotheses. I was fortunate to work for a major consulting firm and was able to apply macro and microeconomics to various business problems during my career—business and marketing strategies, major investments for expanding or improving operations, risk assessments, etc.