Statistics for Economics: Its Benefits and Limitations

STATISTICS FOR ECONOMICS Its Benefits and Limitations Statistics in Economics Statistics are used to deal with the quantification of data. It used various figures to represent the qualitative information that is used with the collection of data. The statistics in economics in- volve the technique to deal with the collection of data, tabula- tion, classification, and presentation of data. Plural Sense Statistics Numerical expressed 01 The plural statistics in economics deals with the numbers and the quantitative. Reasonably accurate Most of the time, the statistics used in economics are reasonably accu- 02 rate. Can Involve estimation 03 The statistics are economics is the vast field. Systematic data collection It also offers systematic data collec- tion from various sources. 04 Relative 05 The plural sense economics is also of- fering the feature. Multiple factors Economics statistics is also helpful when we want to know how many 06 factors. Aggregation 07 The statistics in economics are also helpful with aggression. Singular Sense Statistics Collection of data 01 It is quite useful in data collection from various sources. Data Organisation Data usually collected in the raw form. It means that data collection techniques. 02 Data Presentation 03 Data presentation is a technique that is helpful to present the data. Analysis of data The analysis of data is quite useful to find the percentage, average. 04 Interpretation of data 05 The data interpretation is useful to find out the magnitude of percentage. Benefits of Statistics in Economics 01 02 03 04 05 Quantitative expression Economics Identification Policies Economic of patterns and forecasting economic Theories formulation equilibrium Deduction events Statistical Limitations 01 02 03 04 05 The study Specific Supports only quantitative data Homogenous data Prone to of usage misuse aggregates www.statanalytica.com