The role of statistics in the economic sector

Statistics also has a role no less important in economics, particularly in relation to the collection of data from various aspects and sectors in an economy. For the data collection process, can use a variety of statistical methods. These data are such as to price developments, demand growth, inflation, interest rates, national production and others. In addition, statistics also provide an important contribution in the analysis of economic theory.

With statistics we can test and examine the various views expressed in economic theory. For example, according to the law of demand, when prices rose causing the demand for goods is down and vice versa assuming ceteris paribus. Statistics will help the process of collecting data on the development of prices and demand growth. If it turns out after doing data processing and test results differ by applicable law, we must examine other factors that affect, at which time the first test was constant.

Thus, in the end we can conclude that the types of goods that are subject to the law of demand is a normal good, while luxury goods, inferior, Giffen goods or in conditions of inflation will result in a conclusion that the condition was within the exception to the law of demand.