3. Statistics
Statistics is a branch of mathematics focused on the collection, analysis, interpretation, presentation, and organization of data. It plays a critical role in economics by assisting in decision-making, analyzing trends, predicting future outcomes, and formulating policies based on factual data. Essential statistical measures such as central tendency and dispersion help in understanding data distributions and relationships among variables.
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What we have learnt
- Statistics is vital for informed decision-making in economics.
- Understanding measures like mean, median, and mode is crucial for data analysis.
- Both data collection and interpretation are necessary for accurate economic forecasting.
Key Concepts
- -- Statistics
- The branch of mathematics dealing with data collection, analysis, interpretation, and presentation.
- -- Data Collection
- The process of gathering information through various methods such as surveys and experiments.
- -- Measures of Central Tendency
- Statistical measures that describe the center or typical value of a dataset, including mean, median, and mode.
- -- Correlation
- A statistical relationship between two variables indicating how they change together.
- -- Dispersion
- A measure of how much values in a dataset differ from the mean, commonly represented by range, variance, and standard deviation.
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