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.
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.
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 countryâ€™s economy.
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.
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 theyâ€™re produced, for that matter, for the study to be complete. If youâ€™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.
Statistics deals with the collection of information of all kinds. Whatever theyâ€™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.
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.
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.
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.
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, letâ€™s shift to the next step which is the contribution of Statistics in Economics.
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, â€˜8 ways how English can help you have a better careerâ€™.