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Definition - Meaning and Scope of Statistics, Statistics for Economics Video Lecture - Class 11
FAQs on Definition - Meaning and Scope of Statistics, Statistics for Economics Video Lecture - Class 11
| 1. What is the meaning of statistics in economics? |  |
Ans. Statistics in economics refers to the collection, analysis, interpretation, presentation, and organization of data related to economic phenomena. It helps in making informed decisions, predicting trends, and evaluating economic policies and performance.
| 2. What is the scope of statistics in economics? | |
Ans. The scope of statistics in economics is vast and includes various aspects such as demand and supply analysis, production and cost analysis, market research, price determination, economic forecasting, and policy evaluation. It plays a crucial role in understanding and analyzing economic data to make informed decisions.
| 3. How does statistics help in economics? | |
Ans. Statistics helps in economics by providing tools and techniques to collect, analyze, and interpret economic data. It helps in understanding the behavior of economic variables, making predictions, measuring economic indicators, evaluating policies, and identifying trends and patterns in economic phenomena.
| 4. What are the main objectives of using statistics in economics? | |
Ans. The main objectives of using statistics in economics are to summarize and present economic data in a meaningful way, analyze the relationship between economic variables, make predictions and forecasts, evaluate economic policies and performance, and provide a basis for decision-making.
| 5. Can statistics be used to solve economic problems? | |
Ans. Yes, statistics can be used to solve economic problems. By applying statistical techniques, economists can analyze economic data, identify patterns and trends, make predictions, evaluate policies, and provide insights into economic phenomena. It helps in understanding the complexities of the economy and finding solutions to economic problems.
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