CBSE Class 11-commerce Answered

Importance of Statistics in Economics:

1. Inter-sectoral and inter-temporal comparisons: Quantitative data is 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.

2.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.

3. Formulation   of   policies: Statistical   data   is   essential   for   formulating   policies  For example tax polices.