wht is statics in economics?
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Economic statistics is a topic in applied statistics that concerns the collection, processing, compilation, dissemination, and analysis of economic data. Analyses within economic statistics both make use of and provide the empirical data needed in economic research, whether descriptive or econometric.
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Statistics for economics concerns itself with the collection, processing, and analysis of specific economic data. It helps us understand and analyze economic theories and denote correlations between variables such as demand, supply, price, output etc. Let us understand this in some detail.
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