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# Importance of statistics in the field of economics?

## Answer

###### Wiki User

###### July 09, 2011 8:02PM

For quantitiative analysis and price theory.

## Related Questions

###### Asked in Economics, Statistics

### What are the importance of statistics in economics?

Statistics play an important role in economics. Economics
largely depends upon statistics. National income accounts are
multipurpose indicators for the economists and administrators.
Statistical methods are used for preparation of these accounts. In
economics research statistical methods are used for collecting and
analysis the data and testing hypothesis. The relationship between
supply and demands is studies by statistical methods, the imports
and exports, the inflation rate, the per capita income are the
problems which require good knowledge of statistics.

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