CBSE Class 11-commerce Answered
What are the importance of statistics
Asked by sahuramchandra472 | 04 Aug, 2019, 05:05: PM
Expert Answer
- Quantitative expression of economic problems: Statistics is an essential tool for an economist to understand the problems of an economy through quantitative data. Example: The problem of poverty in India can be quantitatively expressed as there is a substantial decline in poverty ratios in India from 55% in 1973to 36% in1993.
- Inter-sectoral and inter-temporal comparisons: This quantitative data is further used to make inter-sectoral comparison ,i.e. across different sectors of the economy and inter-temporal comparisons ,i.e. over different plan periods of the rural and urban unemployment.
- Cause and effect relationship: Different sets of data are used to find the cause and effect relationship. This enables policy makers to formulate policy to solve the problem of an economy.
- Economic equilibrium: Statistical data helps economists to understand the behaviour of the producer and consumer in the market. Example: How the producer choose sthe combination of inputs to produce the goods to maximise their profit.
- Developing economic theories: This also facilitates economists to develop theories as how the prices of goods vary in relation to the demand for the product.
- Forecasting: Statistical data are useful to forecast the changes in the factors which influence other factors. This information enables economists to formulate polices and suggestions to overcome the problem.
- Formulation of policies: Statistical data is essential for formulating policies of economic development. Example: If the government wants to formulate or modify labour laws, then it will require statistical data on working conditions, number of working hours and minimum wages received by workers.
Answered by Christina | 05 Aug, 2019, 10:12: AM
CBSE 11-commerce - Economics
Asked by deepubunny4252 | 15 May, 2022, 07:33: PM
ANSWERED BY EXPERTCBSE 11-commerce - Economics
Asked by shreyaghadi00 | 25 Jan, 2022, 01:24: PM
ANSWERED BY EXPERTCBSE 11-commerce - Economics
Asked by neetumathur1976 | 21 Jul, 2020, 02:11: PM
ANSWERED BY EXPERTCBSE 11-commerce - Economics
Asked by chiraklakshmi | 03 Jul, 2020, 10:07: AM
ANSWERED BY EXPERTCBSE 11-commerce - Economics
Asked by Nikitabatra777 | 11 Jun, 2020, 09:07: AM
ANSWERED BY EXPERTCBSE 11-commerce - Economics
Asked by anuragsin639 | 01 Jun, 2020, 09:17: AM
ANSWERED BY EXPERTCBSE 11-commerce - Economics
Asked by sofiyabeegumf | 26 Mar, 2020, 09:19: PM
ANSWERED BY EXPERTCBSE 11-commerce - Economics
Asked by rksharmaramjas | 06 Mar, 2020, 09:28: PM
ANSWERED BY EXPERTCBSE 11-commerce - Economics
Asked by rksharmaramjas | 26 Feb, 2020, 07:02: PM
ANSWERED BY EXPERTCBSE 11-commerce - Economics
Asked by NainsyNahar | 24 Feb, 2020, 01:41: PM
ANSWERED BY EXPERT
