Importance of Mathematics and statistics to Economics Essay

INTRODUCTIONStatistics and mathematics argon everything to frugals. infact statistics and Mathematics, the economic field wouldnt even exist. Economist need statistics to represent data, to traverse and store selective information, to identify trends, to attribute value and mathematics to calculate those figures.The modality to look at the relationship between statistics and economics is that economics is fundamentally the study of human decisions and trends, and how these have a financial impact. Economists rely on information to form analyses, reasonableness and sagacity on the human action mechanism that they are scrutinizing. This information comes in the form of statistical data. Statistics is the core approximately which economic deductions are built. It highlights the relationship between figures that would otherwise be meaningless, and is signalise to economic analysis. An example of this would be an economist trying to analyze the execution of a car manufacturer ov er the period of a year.Figures that point the car manufacturers sales, profits, costs, and other important economic information would be relayed through the use of statistics. Although people would be right to betoken that economics requires more than just statistics (for example, it also relies heavily on understanding and monitoring of sociological factors), its undeniable that statistics form an integral wear out of what economics is all about. Infact the Role of mathematics and Statistics to the field of Economics cannot be over emphasized as we look at the below outlinesIMORTANCE OF STATISTICSStatistics is the domain of a function of mathematics we use to explore and try to explain the uncertain world in which we live. You may be familiar with the use of statistics in opinion polls and market research, but it is also central to the manufacture and scrutiny of many products, and, in particular, showing that modern drugs used in the treatment of disease in humans and ani mals are effective and safe.USE FOR PREPARING deemStatistical methods are used for preparation of these accounts. In economicsresearch statistical methods are used for collecting and analysis the data and test hypothesis. The relationship between supply and demands is studies by statistical methods, the imports and exports, the inflation rate, the per capita income are the problems which require good knowledge of statistics.Statistics are everything to economists. Without statistics, the economic field wouldnt even exist.