STATISTICS AND ITS

USE IN ECONOMICS
STATISTICS: A MATHEMATICAL
SCIENCE THAT DEALS WITH

•Collection
•Analysis
•Interpretation
•Explanation
Presentation

Of data
ECONOMICS: A SOCIAL
SCIENCE THAT DEALS WITH

•Production
•Distribution
•Consumption

Of goods and services

 Various Branches in Economics

 1 Microeconomics
 1.1 Markets
 1.2 Market failure
 1.3 Firms
 1.4 Public sector
 2 Macroeconomics
 2.1 Growth
 2.2 Depression and unemployment
 2.3 Inflation and monetary policy
 2.4 Fiscal policy and regulation
 3 International economics
 3.1 Comparative advantage
 3.2 International trade
 3.3 Poverty and development
 3.4 International Finance
VARIOUS EXAMPLES

Data Analysis
 Supply and demand is an
economic model describing effects
on price and quantity in a market.
It predicts that in a competitive
market, price will function to
equalize the quantity demanded by
consumers, and the quantity
supplied by producers, resulting in
an economic equilibrium of price
and quantity. The model
incorporates other factors
changing equilibrium as a shift of
demand and/or supply.

EX.2 MARKET TRENDS
EX.3 INTERNATIONAL
ECONOMICS