Statistics are a methodology necessary in the field of statistics and are used to collect, analyze and evaluate data. Economics depends heavily on the use of statistics.
Continue ReadingEconomics is defined as the study of how people behave with regard to the production and consumption of goods. As a social science, economics attempts to describe trends in consumer markets, such as wealth acquisition and transfer. There are two forms of economics:
There are various themes studied within both forms of economics, including costs, production, consumption, and the rationales behind individual, corporate, national and international trade. In order to develop hypotheses around the various topic areas, economists make use of statistics and are able to compare information. Economic statistics involve quantitative data that describe either past or present trends. The data may be presented in various ways:
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.
Learn more about StatisticsStatistics is the study of numerical information, which is called data. People use statistics as tools to understand information. Learning to understand statistics helps a person react intelligently to statistical claims. Statistics are used in the fields of business, math, economics, accounting, banking, government, astronomy, and the natural and social sciences.
Full Answer >Standard deviation is a measure of variation in data. It allows comparison between two or more sets of data to determine if their averages are truly different. For example, if the average salaries in two companies are $90,000 and $70,000 with a standard deviation of $20,000, the difference in average salaries between the two companies is not statistically significant.
Full Answer >Statisticians use inferential statistics to reach conclusions that extend beyond the specific data studied, such as when using sample data to determine how a larger population might behave or respond to a specific stimulus. Inferential statistics can also compare the average performance between two groups, often through a device called the t-test.
Full Answer >The type of math scientists use to analyze data is called statistics. It enables researchers to learn from numbers by measuring, controlling and communicating degrees of certainty and uncertainty, as explained by the American Statistical Association.
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