Question

Write 3 sentences highlighting the importance of statistics in economics

Answer 1

Statistics plays a vital role in every field of human activity. Statistics helps in determining the existing position of per capita income, unemployment, population growth rates, housing, schooling medical facilities, etc., in a country.

Now statistics holds a central position in almost every field, including industry, commerce, trade, physics, chemistry, economics, mathematics, biology, botany, psychology, astronomy, etc., so the application of statistics is very wide. Now we shall discuss some important fields in which statistics is commonly applied.

Answer 2

1. Statistical data helps in proving various laws of microeconomics like Law of demand and supply
2. Statistical data helps analyze the...