write importance of the study of statistics in economics
Answers
Answer:
Statistics help in comparision of heterogenous things with the help of facts and figures represented graphically.
Answer:
Statistics play a major role in this field and they feed into each since both are largely number- and fact-based. Three primary uses that show the importance of statistics in economics include analyzing data, collecting information and testing hypotheses.
For example, statistical information is used to determine supply and demand for exports and imports. The United States Census Bureau is another good example. They collect information to determine a variety of statistical information, such as the number of people living in a specific state.
Economics uses statistical significance often to get necessary facts and figures. When something is considered to be statistically significant, it means that it is not likely to happen as a result of chance or randomness. It has a very specific and identifiable cause.
When looking at economics on a larger scale, such as with the U.S. government, statistics are used to determine and influence policy. For example, statistics of consumption show how people are spending their money. This can help people to determine the average rent or mortgage across the county.