Question

write three sentences highlighting the importance of statistics in economics...

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Answer 1

Answer:

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

Answer:

Statistics is defined as aggregate of numerical facts’. This implies that for figures to be included in statistics they must be aggregate of facts and not individual figures. For example: The fact that height of a student is five feet tells nothing unless it is comparable. Another example suppose we collect data of 1000 school-going children. But these data will not be useful unless organized into groups tables etc.

Explanation:

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