Explain the importance of statistics

Solution:
Statistics is an indispensable tool for an economist that helps him to understand an economic problem. It enables an economist to present economic facts in a precise and definite form that helps in proper comprehension of what is stated. It is important as it helps in condensing mass data into a few numerical measures. Statistics is also used in finding relationships between different economic factors. Another important aspect of statistics is that it plays a vital role in decision making.

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