Q: Importance of statistics to economics

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importance of statistics in field of economics

specifis application of statistics to economics or business

Importance of elasticity in economics

five importance of labour economics

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importance of statistics in field of economics

This is about as stupid a question as asking "What is the importance of electricity to a light bulb". Or "What is the importance of numbers and markings on a ruler?"

specifis application of statistics to economics or business

what is the importance of statistics?

Statistics is very important in business and Economics because it helps businesses make informed and accurate decision based on certain trends. It helps the planning and production process.

Importance of elasticity in economics

five importance of labour 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.

Some of the sub-branches of economics that rely on fields of statistics and mathematics are econometrics, transport economics, managerial economics and international economics.

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