Question

write three sentences highlighting importance of statistics in economics.

Answer 1

Economic statistical data sets include information about measurement, sample sizes, collection procedures and analysis processes. The data are often published for public use, such as through the United States Census or for private use, such as intra-company data used for decision-making.

Answer 2

Three chief uses that show the relevance of statistics in economics include analyzing data, collecting information and testing hypotheses.

Data analysis is a method of investigating, cleaning, modifying, and representing data with the goal of identifying useful knowledge, familiarizing conclusions, and promoting decision-making

Data collection is the method of collecting and measuring knowledge on targeted variables in an incorporated system, which then qualifies one to explain important questions and evaluate consequences.

Hypothesis testing is used to indicate the outcome of a hypothesis presented on individual data from a larger community. The test tells the investigator whether or not his initial hypothesis is true.