Chapter 13, Problem 20AA

To determine

To evaluate: The way nationwide economic statistic help in our daily life.

Explanation of Solution

Statistical knowledge helps us use the proper methods to gather the data, use the correct analyzes and present the results effectively. Data is a vital mechanism behind how we make and forecast science-based findings, take data-based decisions.

It keeps us updated, what's going on around us in the world. Statistics are important as we live in today's world where everyone is knowledgeable and Statistics help decides mathematically on all of this knowledge. This means that correct data and meanings of statics are important to remain conscious of the day to day life.

For the business person it help too in making prediction regarding decision making that stimulates investment that can help to achieve good returns. Policy makers play an important role for the welfare of the country so with the help of statics data, they can analysis which sector is doing well and which is lacking behind and can devote resources in an efficient way.

Economics Concept Introduction

Introduction: The word 'statistics' was originally used to gather data relating to both historical and descriptive states. Now it has taken on a much greater sense and is used by all information forms and approaches to evaluate the data.