Question

write three importance of statistics in economics ​

Answer 1

Answer:

Statistics in Economics : Statistics is very essential to develop and prove the principles and laws of economics. It has great importance to understand the economics problems like production, consumption, distribution etc. as they can be solved by using statistical data.

Explanation:

Answer 2

Answer:

forcasting;

statistical data are useful to forcast the changes in the factors which influence other factors this information enables economic formulate polices and suggestions to overcome the problem.

• formulation of polices; statistical data is essential for formulating polices of economic development.