How Can Statistics Help in Economics?

What is Economics?
Economics is that branch or commerce or Science for that matter that deals with the consumption, distribution and production of goods as well as services. This is exact brief of what Economics is all about.

1. Production of goods

If we go on to elaborate it, Economics as a study of production of goods is more like the knowledge required pertaining to the production of goods. The raw materials required and quantity and quality of the products that are to be produced, all come under the study of production of goods in Economics.

2. Distribution of goods

Next, as far as the study of distribution of products is concerned, the products to be distributed must not be destroyed in any way and the means of transportation used to carry the products from place to place must be capable enough to take the products safely, without causing any damage to the products. This is necessary because if the distribution is not done properly, the whole calculation goes wrong and the people who will have to suffer will be none other than the common men who are the backbone of the country’s economy.

3. Consumption of goods

After this stage comes the study of consumption of goods. Now, this study is directly proportional to the first two stages. If production and distribution of goods are done properly, the consumption of goods is bound to be proper. More products are produced and distributed, more the consumers will consume. With the over-crowded nature of population of the twenty first century, products can never be surplus all they can be is short of what is needed.
These three stages are extremely important because this is what determines the economy of a country. If these three stages are understood and applied with precision by the economist, nobody can stop the country from prospering.

4. Other factors determining study of Economics

Economics, however, is not limited to production, distribution and consumption of goods. Their journey goes back to the history behind each and every person, product and raw material and how they’re produced, for that matter, for the study to be complete. If you’re dealing with the production of goods, you have to deal with the farmers and make sure they get ample resources to enhance their crop growth which in turn will enhance the quantity of raw material. And this is just a minor example. Economics is a way vaster subject than you probably give it credit for.
What is Statistics?
Statistics is again another branch of Science or Commerce for that matter that studies the collection, comprehension, analysis, presentation and organization of data. It deals with the representation of any kind of information in a tabular form, graph or any of those kinds of unique forms. This representation is supposed to make the interpretation of the information easier and more comprehensible in a simple manner.
Statistics, being a branch of science, does all that it can to make the life of people easier and since people tend to misinterpret so much of information, Statistics eases the whole process by representing it in a unique form.

1. Collection of information

Statistics deals with the collection of information of all kinds. Whatever they’re told to research about, statisticians collect all information about the topic given such that they are in a position to understand the situation perfectly.

2. Comprehension of information

Next, there is the comprehension of information. After necessary information required is collected, this information is comprehended or understood by the Statistician whose very understanding of the matter goes on to form the base of the final representation of it.

3. Analysis of information

After the statisticians collect all informations and comprehend it, they go on to analyze it in such a manner as to weigh the pros and cons of the entire situation. This analysis, again, is extremely important because it is this analysis which decides the kind of data that is to be represented.

4. Organization of data

After all of the above steps are done, information that is collected, understood and analyzed is organized systematically so as to make it easier for the statistician to understand while creating the unique way to represent it.

5. Presentation of data

The ultimate and most important part of the whole process is presentation of data. The data, about which information is collected, understood, analyzed and organized, has to represented, in a manner that makes it easier to understand for the common people as well. For this, the Statisticians, represent information in a tabular form with diagrams or in a graphical manner, making the whole situation crystal clear for the common people.
How can Statistics help in Economics?
Now that you know about both the subjects thoroughly, let’s shift to the next step which is the contribution of Statistics in Economics.

1. Statistics makes interpretation of Economics easier

• Economics deals with the production distribution and consumption of goods in a more elaborate form and statistics deals with the presentation of information in an easier and more comprehensible manner.
• Since Statistics has ability to make things easier to interpret, the graphs in Economics which is making of Statistics, makes the whole subject a lot easier than it would have otherwise been.

2. Statistics gives a more interesting touch to Economics

• Economics in its entirety without the tints of Statistics where the information is tabularized or represented in graphs becomes very dull.
• If you’re studying Economics because you love it, you sure would like a easier interpretation of it that will help you impart that love for economics to others which is exactly what Statistics helps you with.
• Statistics, with its graphs and tabulations and pie charts is all that is needed to make a subject more interesting and less monotonous or dull for that matter.

3. Statistics can help you love Economics

• For those of who have problem in understanding Economics, the tint of Statistics in it comes to your rescue.
• The very purpose of Statistics is to make study of other subjects easier by presenting the information in a more understandable manner.
• Therefore, if at any point, Economics seems to be drab or boring to you, all you need to do is go through the statistical representation of it to feel better and understand things in a whole new level.
• Therefore, Statistics is the reason behind the fact that Economics is easier to love and study.

4. Statistics makes the study of Economics systematic

• If you’re tired of going through those boring Economics theories, Statistics can definitely make things easier for you.
• Statistics makes whole thing more organized and systematic by dividing the whole theory into steps.
• This way you will not only be able to grasp the whole information in a better way but also remember it in such a manner that it’ll be etched in your memory because of it being easily interpretable.

Why should one seek help in Economics or Statistics?
One simply must seek help in Economics or Statistics because they contain important concepts that might be hard to grasp in the first read or the first class for that matter. In such cases, online assignment making companies and homework help companies go on to make things easier for you because of the expert professionals under them whose sole purpose in life is to make your subject skills better. This is very helpful because if you miss out any of your class lectures, you can always catch up with your class with their help. If this article has proved helpful to you in any way, please go through, ‘8 ways how English can help you have a better career’.