"statistics in these days is indispensible for dealing with socio economic problems." How far is this statement true?
Dear student,
Statistics helps in making economic statements meaningful by stating economic data in numerical facts. Statistics plays an important role in the functioning of an economy. Statistics and economics are interrelated in following ways:
1) Statistics help in assessing the performance of an economy by comparing it with other economies. For example- comparison between national income of different economies assess their performance.
2) With the help of statistical data economic problems, like unemployment, illiteracy, poverty, etc. can be analysed.
3) Statistical data provides a base for formation of various economic laws and theories, like, the law of demand, the law of supply, etc.
4) Statistics help the government in the formulation of various economic policies.
5) The economic forecasting, i.e. price expectations, market situation can be done with the help of statistical data.
6) Statistical tools and techniques are used in various research programs.
7) Statistics help in analysing the relationship between various economic variables.
So, it is rightly said that statistics in these days is indispensable for dealing with socio economic problems.
Regards
Statistics helps in making economic statements meaningful by stating economic data in numerical facts. Statistics plays an important role in the functioning of an economy. Statistics and economics are interrelated in following ways:
1) Statistics help in assessing the performance of an economy by comparing it with other economies. For example- comparison between national income of different economies assess their performance.
2) With the help of statistical data economic problems, like unemployment, illiteracy, poverty, etc. can be analysed.
3) Statistical data provides a base for formation of various economic laws and theories, like, the law of demand, the law of supply, etc.
4) Statistics help the government in the formulation of various economic policies.
5) The economic forecasting, i.e. price expectations, market situation can be done with the help of statistical data.
6) Statistical tools and techniques are used in various research programs.
7) Statistics help in analysing the relationship between various economic variables.
So, it is rightly said that statistics in these days is indispensable for dealing with socio economic problems.
Regards