State the importance of statistics ?
CBSE, JEE, NEET, CUET
Question Bank, Mock Tests, Exam Papers
NCERT Solutions, Sample Papers, Notes, Videos
Posted by Mansi Mishra 5 years, 3 months ago
- 1 answers
Test
Related Questions
Posted by Vivek Saroj 1 year, 4 months ago
- 0 answers
Posted by Mahi Bansal 1 year, 4 months ago
- 0 answers
Posted by Charvi Charvi 1 year, 4 months ago
- 0 answers
Posted by Shiv Narayan Kumar 1 year, 4 months ago
- 1 answers
myCBSEguide
Trusted by 1 Crore+ Students
Test Generator
Create papers online. It's FREE.
CUET Mock Tests
75,000+ questions to practice only on myCBSEguide app
Gaurav Seth 5 years, 3 months ago
1. 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% in 1993. 2. 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.
3. 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
2Thank You