Statistics in Economics

Statistics and statistical digest are interwoven into each and any business specialization. The basis of sound business decisions has statistical summary at its base. Economics is no different from any of the many another(prenominal) other business areas as its foundation is supported by statistics and statistical analysis. Linear regression, econometric modeling, input-output tables, and time-series analysis, are all examples of statistical methods used in the field of economics. Each of these methods as good as the organizational benefits of statistical methods will be discussed in the following paragraphs. Statistics in the field of economics is so distributive that the process of statistical analysis in the field has been addicted a broad umbrella to describe the three-fold methods of organizing statistical economic data. Econometrics is the collection of statistical methods and techniques used to estimate human relationships in the field of economics. Econometrics includes numerous specific statistical techniques, theories, and models in position to try to explain and forecast relationships in economics (McGuigan, et al., 2008). These econometric models are used to make decisions on the individual integrated level to a broader, international macroeconomic level.

Regression analysis is one of the most commonly used statistical methods in the field of economics. Regression is used to demonstrate a relationship between one dependent variable and one or more independent variables in order to make forecasts and predictions nearly the dependent variable. Regression analysis can take many forms from the most basic simple linear regression, which can be calculated by hand if necessary, to more complex multiple linear regression models that require computer software, to calculate to nonlinear regression models. This type of analysis is relatively inexpensive and right in creating predictions of demand of the sale of goods and services (McGuigan, et al., 2008). One terminus of regression... If you want to get a full essay, order it on our website: Ordercustompaper.com

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