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.
ADVERTISEMENTS: Use of Statistics in Economics: Origin, Meaning and Other Details! Origin and Development of Statistics: Today, statistics or more specifically statistical method is used extensively in almost all phases of human endeavour. In ancient times, it dealt with the affairs of the state, like collection of information (or data) regarding population and property or […]
Though economics is not an exact science it is still a science. The role of statistics in economics is the same as its role in any other science - analysis of empirical data to validate (or falsify) a theory or model.
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.
Application of Statistics for Economics: Statistics is efficiently and effectively utilized in various fields. Let’s begin with a known field i.e. ECONOMICS. In this statistics facilitates inter-sectoral and inter-temporal comparisons along with help in economic forecasting.
The Role of Statistics in Economics. Much of economics depends on statistics. Economists use statistics to collect information, analyze data, and test hypotheses. Relationships between supply and demand and imports and exports are found using statistical information.
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 Businesses use statistical methodology and thinking to make decisions about
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Economics. What is the use of statistics in economics? It helps in summarising the data. It helps in making polices. It gives information in a precise and exact form.
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 ...