Question

what is the relationship between economics and statistics.Pls give clear explanation​

Answer 1

Explanation.

The following points highlight the relationship between statistics and economics.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. 2. It helps in analysing the magnitude and gravity of economic problems such as unemployment, poverty, illiteracy, etc., thereby, helps in the formualtion of suitable policies to control and remove them. 3. It helps in analysing the relationship between different economic variables. 4. Statistics forms the base for economic theories and models.