CBSE Class 11-commerce Answered
Write three sentences highlighting the importance of statistics in economics
Asked by hrp1615 | 16 Aug, 2019, 06:45: PM
Expert Answer
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.
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