4 Aspects of Statistics

Statistics is closely related to the four basic aspects of economics namely, consumption, production, distribution and
exchange.

Statistics and consumption: An individual or society consumes various goods and services. These things may be classified as things of necessity, comfort, or luxury. The amount (or, the proportion) of income spent on various goods and services can be ascertained only with the help of statistics.

Statistics and production: Statistics supports the study of production. For example, with the help of statistical analysis, a producer can identify the actual demand for her product in quantitative terms.

Statistics and distribution: Equal distribution of income and wealth is a very important objective of policymakers. The problem of distribution is tackled by using statistics in the calculation of national income.

Statistics and exchange: With the help of statistics, a producer can easily determine the exchange relationship, that is, the relationship between the price of her product and the quantity sold.


Also, Read Relationship between Economics and Statistics

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