What Is The Role Of Statistics In Economics?
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asked 2 years ago
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Statistics is used widely in economics to calculate Gross Domestic Product and Consumer Price Index. It is also used in research of stocks and analysis of economic models. Economic variables are calculated with the help of statistics. Surverys are extremely necessary to for economical equilibrium. These can be conducted with the help of statistics.
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Guest
answered 2 years ago
Statistics are used in economics for everything. As answered, they are used to calculate GDP and CPI and Inflation, Spending, Consumption, Saving, Investment and many other Macroeconomic factors. Also used in macroeconomic accounting and speculative sectors such as investment banking. Stock traders have screens of many statistics changing real time and make decisions on whether to buy or sell stock and why. Very interesting Stuff.
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