Mon, 16 11 1441 | 06 Jul 2020

Relation between Statistics & Economics

It is difficult to drop a distinction between statistics and economics jobs. Any study on economics is envisaged to provide plans, assessments and predictions either for a private project or the national economy as the duo need enough information and data of study parameters. These info and data can only be found through statistics. Also, whoever wants to commence a study on a specific market to be conversant with factors affecting supply and demand has to follow the scientific steps of statistics. Thus, planning new urban communities and constructional priorities (e.g. scheming housing blocks, factories, malls, schools, hospitals, etc..) would only be possible through embracing information. The most important source of information is the demographic statistics - which are loaded with assessments and indicators, the labor market and economic statistics (trade, industry, etc..),  the currency and financial statistics in addition to the international process statistics which are needed for planning at all levels.

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