7.17.2015

Statistics and Economics



Statistics are a very valuable tool in studying and solving the economic problems and the formulation of economic policies such as production, supply and demand, consumption, price development, wage policy, and others.
Keep in mind that the statistics have limitations as follows.
a. Statistics are only used for the quantitative data.
b. Statistics do not discuss individual data.
c. Statistics can only be used for someone who understands statistics.
d. Statistics can not be used to prove anything.
e. Statistics can not provide definitive conclusions or final,
f. Interpretation of the data is very dependent on the decision-making considerations that are sometimes heavily influenced by various factors, whether they are social, economic, and political.

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