Statistics is a science of collecting, analyzing and interpreting data. In economics, statistics is used clearly to describe events or outcomes in order to minimize time, effort and money.
The following statistical tools are used to economics:
- Measures of central tendency which includes; arithmetic mean, median, mode, geometric mean etc.
- Measures of dispersion which includes; range, variance and standard deviation.
- Frequency distribution and histogram.
- Charts which include; pie charts and bar charts.
- Graphs
- Percentage variable symbols and relationship.
