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Businessmen also find statistics as an indispensable tool in their regular activities. The study of modem economics requires mathematical and statistical foundation. With the development of mathematics and statistics over the passage of time, econometric methods have been developed. We thus see wide applications of statistics in various fields.


Econometrics is a branch of economics that applies statistical methods to the empirical study of economic theories and relationships. Environmental statistics is the application of statistical methods to environmental science. Weather, climate, air and water quality are included, as are studies of plant and animal populations.


Economic statistics is a topic in applied statistics that concerns the collection, processing, compilation, dissemination, and analysis of economic data.It is also common to call the data themselves 'economic statistics', but for this usage see economic data.The data of concern to economic statistics may include those of an economy of region, country, or group of countries.


The importance of statistics in economics starts with economics research methods. These are used to collect and analyze data for factors, such as per capita income and inflation rate. Economics Statistics play a major role in this field and they feed into each since both are largely number- and fact-based.


Statistics is used every day in business. This lesson describes some of the more popular applications to business statistics and provides real life examples of how it is used.


Probability and statistics play a vital role in every field of human activity. In particular, they are quantitative tools widely used in the areas of economics and finance. Knowledge of modern probability and statistics is essential for the development of economic and finance theories and for the ...


The Elements of Statistics: with Applications to Economics and the Social Sciences by James B. Ramsey is an innovative and excellent undergraduate level text on the foundations and reasoning of statistics estimation and inference.


statistics in this way, we are going to take a deeper approach. We will view statistics the way professional statisticians view it—as a methodology for collecting, classifying, summarizing, organizing, presenting, analyzing and interpreting numerical information. 1.2 The Use of Statistics in Economics and Other Social Sciences


Now statistics holds a central position in almost every field, including industry, commerce, trade, physics, chemistry, economics, mathematics, biology, botany, psychology, astronomy, etc., so the application of statistics is very wide. Now we shall discuss some important fields in which statistics is commonly applied.


then illustrate the application of TORT on a public eco-nomic data. 3.2. Simulation on a Real Economic Data . Due to the financial crisis originated from United States, the real GDP growth rates of a lot of countries fell from 2007. We have picked the GDP growth rates of 44 coun-tries ranging from first quarter in 2006 to the fourth quar-ter in ...