THOMAS ADEWUMI UNIVERSITY, OKO.

Name: BABALOLA VICTOR TIOLUWANI

Course code: ECN131

Department: ECONOMICS.

ASSIGNMENT: explain the importance of statistics in your area of study.

Answers.

STATISTICS can be defined as a scientific method of collection, organization, presentation, and analysis
of numeric data as well as making a reasonable and valid conclusion for future uses.

ECONOMICS can be defined as a science that studies human behavior, in relation to ends a

nd scarce means which have alternative uses, (Lionel Robinson).

Statistics is especially important to economics as a field of study and to the economy, it helps us to
collect, organize, present and gives analysis of numeric data that are very important to the development
of any economy.

It can be used in diverse areas: conducting census, making decisions and predictions, it can be extremely
helpful to predict man’s behavior which will eventually aid economic growth. For example, say, statistics
tells us that in the sunny season the demand for rain coat will drop by 90% ,it helps producers be ready
and in the short and long run avoid wastage of resources, because producers now know that people
wont buy because of the need for it is no longer there at the time, and humans being rational prefer to
be better off than being worse off.

*Statistical information can be used to determine supply and demand for exports and imports.

*Statistics information can be used to determine population, say, the number of people living in a
particular geographic area.

*Statistics information can also be used to compare economic growth of the previous year to determine
how well the economy has grown compared to the previous year.

Statistics is used in different diverse areas like for computing in banks, to accounting and management,
it is used every day and anytime, making it very important for man to survive with it.