Question

write three sentences highlighting the importance of statistics in economics​

Answer 1

Answer:

Statistical data are useful to forecast the changes in the factors which influence other factors. This information enables economists to formulate polices and suggestions to overcome the problem. Formulation of policies: Statistical data is essential for formulating policies of economic development.

Answer 2

Answer:

1. Inter-sectoral and inter-temporal comparisons: Quantitative data is used to make inter-sectoral comparison, i.e. across different sectors of the economy and inter-temporal comparisons, i.e. over different plan periods of the rural and urban unemployment. 2.Forecasting: Statistical data are useful to forecast the changes in the factors which influence other factors. This information enables economists to formulate policies and suggestions to overcome the problem.

3. Formulation of policies: Statistical data is essential for formulating policies For example tax policies.