Statistics
Statistics in Economics Tuition, Coaching Classes in Baltana, Zirakpur, Panchkula
What is Statistics in Economics?
In general, the subject of statistics relates to the quantitative evaluation of data. It revolves around specific numbers to provide quality information. This is just a dataset. But that is not all. As students of economics, we need to learn about the methods of collecting, disseminating, classifying, and presenting data.
What is the use of Statistics in the Economy?
Statistics is a data interpretation tool used to collect, classify and analyze data. For the economist, this is an indispensable tool for understanding various business and economic problems and formulating policies to solve them.
In economics, we analyse the behaviour of various groups as consumers, producers, governments, and reveal intuition, patterns, and observation. However, the data allow the economist to argue that such observations are accurate and accurate.
Statistics will help with:
- Analyzing various economic problems, such as inflation, unemployment, etc., looking at the numbers and trends in recent years.
- Summarizing mass data, such as income, consumption, etc., in such indicators as per capita income and per capita consumption, which explain in more detail how the economy is represented.
- An assessment of the relationship between different economic variables, such as population and poverty, price and demand.
- Assessing the impact of various government campaigns, such as family planning programs, various poverty reduction programs,
- Predict the change that can occur in a factor due to a change in some other factor. For example, forecasting the impact of inflation on the increase in money supply in the economy.
- Decision making at the micro level, i.e. companies, households, etc. In terms of production, consumption, etc.