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. More »

Economic diversity is a multidimensional concept that includes the products, workforce skills and capabilities in a local economy, in addition to how well that economy is able to compete in the global marketplace, accord... More »

To get a master's degree in economics, a student must complete a one- to two-year graduate program in economics that covers core courses and that may require a thesis or project. The master's degree may be a terminal deg... More » Education Colleges & Universities

People use statistics daily for weather forecasts, predicting disease, preparing for emergencies, medical research, political campaigns, tracking sales, genetics, insurance, the stock market and quality testing. Statisti... More »

Statistical quality control is important because it uses statistical methods to monitor the quality of a product. This type of auditing maximizes manufacturing productivity and minimizes errors associated with human judg... More »

In economics, a production possibilities curve is a graphical model that shows the trade-offs facing an economy with a given level of production technology and finite resources. While this model greatly simplifies the ac... More »

The two major types of statistics are descriptive statistics and inferential statistics. Each of these statistical segments serves specific purposes, and they are used to accomplish different objectives. More »