Importance of Statistics in Economics?


Statistics are important in every field of business. They give us a measurement of how well something is doing or how likely that something is going to happen. The field of economics depends greatly on the likelihood that something is going to happen. Statistics tell the economists how much income the average person makes and how much they spend on items. It tells them how much credit they have and how much interest is being paid. Inflation depends strongly on the statistics of the country and even other countries.
Q&A Related to "Importance of Statistics in Economics?"
Statistics are important because they offer a measurement of a beginning point. From the initial statistic goals can be set and monitored by frequently comparing recent statistics.
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?
Well, ostensibly, stats and models help to forecast
importance of statistics in Economics. 1 collection of data in every field of any economy. 2 comparison of present data vs previous data. 3 helps 2 solve economy problems. 4 2 make
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