The word statistics is used both in plural as well as in singular sense. In plural sense, statistics means numeric facts which can be used to draw conclusions and in singular sense, it means the statistical methods with the help of which statistical information is used to treat and draw conclusions from them.
Importance of statistics in economics: Statistics plays an important role in the field of economics. It is an important tool which helps in solving different economic problems. Statistics helps in economic planning by collecting data of national resources both human and natural. For drawing a plan of their use, we need the help of Statistics. Statistics helps in analysing different economic problems which needs immediate attention. Such as:
(a) Statistics serves as a raw material to the economists in making certain economic laws,
(b) Framing economic policies,
(c) Making comparisons,
(d) Studying and calculating National Income.
