Application of Statistics in Economics
Class : 11
Statistical aspect is one of the important aspects for quantitative analysis in economics. Economics statistics is a systematic body of knowledge concerned with the application of statistical methods to theoretical economics argument. It is a science that checks the ideas in economies theory with the help of quantitative and historical information and suggests methods of improvements where necessary. In fact, statistical methods are the tools and appliances of an economist’s laboratory.
1) To study the consumption pattern and standard of living
Consumption statistics revels the pattern of the consumption of the various commodities by different sections of the society and also enable us to have some ides about their purchasing capacity and their standard of living.
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