PNC's Economic Releases provide analysis of the day's major economic indicators and breaking news and how that news or data will shape the overall economic outlook and financial market trends. Economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth. Relationships between supply and demand and imports and exports are found using statistical information. Economists use statistics to collect information, analyze data, and test hypotheses. It often involves topics like wealth and finance, but it’s not all about money. Institute for Supply Management. "Overview of BLS Statistics on Inflation and Prices." Much of economics depends on statistics. In the 19th century economics was the hobby of gentlemen of leisure and the vocation of a few academics; economists wrote about economic policy but were rarely consulted by legislators before decisions were made. The Department of Economics & Statistics, Government of Kerala is the nodal agency of the state responsible for the systematic collection, compilation, analysis, objective, interpretation and dissemination of statistics relating to various sectors of Kerala Economy. The Role of Statistics in Economics. Accessed June 8, 2020. Descriptive Statistics . to identify the relationship between price, demand, supply and other economic factors. Economics seeks to solve the problem of scarcity, which is when human wants for goods and services exceed the available supply. Kerala is one of the states in India having a well-organized statistical system. Economics is a broad discipline that helps us understand historical trends, interpret today’s headlines, and make predictions about the coming years. The range and standard deviation are used to say how spread out the data is. Economics is a science: Science is an organised branch of knowledge, that analyses cause and effect relationship between economic agents. A modern economy displays a division of labor, in which people earn income by specializing in what they produce and then use that … … Here the goal is to calculate quantities that describe our data. Statistics is a data interpretation tool used for collecting, classifying and analyzing data. All of the following are what economists commonly do except A. describing economic events B. eliminating scarcity in resources C. making predictions for some economic … Further, economics helps in integrating various sciences such as mathematics, statistics, etc. U.S. Bureau of Labor Statistics. It is an indispensable tool for an economist to understand various business and economic problems and formulate policies to tackle with them. One way to analyze data is called descriptive statistics. 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what is economics and statistics all about

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