Statistics is the study of data gathering, organisation, analysis, interpretation, and presentation. The importance of statistics in the field of economics is well established, as statistics are used in the collection, compilation, processing, dissemination, and analysis of economic data.
You may have heard that economic experts point out the positive and negative aspects of any government programme or economic move. All of these decisions are based on reliable statistical proof, which may be found in the form of statistical data acquired from numerous sources.
The word statistics comes from the Latin word 'status,' which meant 'state of affairs.' With the passage of time, the meaning changed dramatically, and it became an integral element of all the data gathered. In today's world, statistics are used in a plethora of quantitative and qualitative investigations.
It is expressed numerically.
It is reasonably accurate.
It represents the systematic collection of data.
The data obtained from different sources can be compared with each other.
The statistical data or analysis can be affected by a large number of factors.
Statistics are essential for comprehending economic statistics such as the link between quantity and price, supply and demand, economic production, GDP, and per capita income of nations, among other things.
Statistics for Economics is a section of the CBSE economics syllabus for Class 11 that focuses with the systematic collection, organisation, and presentation of quantitative and qualitative data relevant to many elementary economic elements.
It also equips students with the knowledge of suitable statistical techniques, allowing them to analyse and understand economic data and make useful conclusions from it.