Question

Give reason

1) Importance of statistics has increased innovation to a larger extent.

2) Economic laws are more accurate due to statistics.

3) Statistics is helpful for economic planning.

Answer 1

1. Statistical tools and techniques are used in various fields, such as business, natural sciences, research, banking, astrology, etc. In all these fields, statistics is used for data analysis. Thus, we can say that through critical analysis of data, statistics helps in preparing appropriate policies and measures to aid and increase innovation.

2. Economic laws define the relationships between various economic aggregates. With the help of statistics and statistical tools, these laws are made more meaningful and accurate. This is because statistics deals with observation, collection and presentation of data, which helps in analysing and defining the relationships between variables.

3. Statistical data help in judging the performance of a country on various aspects such as contribution of different sectors to national income, analyses of poverty, unemployment, etc. Governments can formulate suitable plans and policies based on statistical data for economic and social development. Also, economic forecasting of price trends and market situations are based on statistical data and tools. Thus, we can say that statistics is helpful in economic planning.