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Statistics for economics is a discipline of applied economics or applied statistics that deals with the gathering, processing, compilation, dissemination, and analysis of economic data. Business statistics and econometrics are closely tied to the subject.
The subject aids in the comprehension and analysis of economic theories and indicates correlations between many variables, including supply, demand, price, and production.
Since statistics are used in every step of the collection, compilation, processing, dissemination, and analysis of economic data, their significance in the field of economics is widely acknowledged.
Statistics of economics are used by all economics disciplines to support various economic concepts.
Understanding various economic issues and studying market structure are both made easier by statistics. By developing proper economic policies, statistics also contribute to resolving economic problems once they are better understood.
Discussed below are some of the prominent significances of statistics of economics.
FEATURES OF STATISTICS FOR ECONOMICS
Here are some of the basic features of economic statistics.
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