What Is The Importance Of Statistics?
How is statistics important in our day today activity
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Statistics play an important role in almost area of life now a days but in the field of economics that affects our lives the maximum statistics play a vital role. This role lies in the fact that economics depends upon statistics in connection with the formulation of economics laws and theories. There are mainly three reasons for its dependence:
Firstly, the economic laws relate to masses and tend to describe the behaviors of thousands of people. Statistics help in describing that behavior.
Secondly, economic laws can be stated in a scientific way only when based on statistical data. The example consists of the laws of supply and demand.
Thirdly, an economic phenomenon cannot be subjected to experimentation, for this reason the method of study is to be statistical rather than experimental.
In order to make planning realistic in any economy the objectives are set in quantitative terms. Statistics help in visualizing the target quantitatively and evaluating the achievements. This in turn helps in our decision making in every field which includes business and other finance decisions as well.
Firstly, the economic laws relate to masses and tend to describe the behaviors of thousands of people. Statistics help in describing that behavior.
Secondly, economic laws can be stated in a scientific way only when based on statistical data. The example consists of the laws of supply and demand.
Thirdly, an economic phenomenon cannot be subjected to experimentation, for this reason the method of study is to be statistical rather than experimental.
In order to make planning realistic in any economy the objectives are set in quantitative terms. Statistics help in visualizing the target quantitatively and evaluating the achievements. This in turn helps in our decision making in every field which includes business and other finance decisions as well.
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Plz briefly explain the imp of stats in economics as soon as possible. I'll be thankful to u.
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