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InterviewSolution
| 1. |
What is economics ?????What is meaning, scope and importance of stastics in ecomonics..... ??????? |
| Answer» Economics means management of house in simple terms. Economics made up of two greek words aikos and onimos . Aikos means house and onimos means management and the literal meaning of economics is management of house.Scope of statistics: 1) subject matter to statistics ( discriptive and inferential statistics) 2) limitations of statistics 3) nature of statistics ( what is statistics science or arts)Importance of statistics:1) inter temporal and sectoral comparison 2) formulation of policies 3) quantitative expression 4) economic equilibrium 5) construction of economic theory and models | |