4 Aspects of Statistics
Statistics is closely related to the four basic aspects of economics namely, consumption, production, distribution and exchange.
Economics
Relationship between Economics and Statistics
The study of economics depends heavily on statistical tools and methods. In this article, we will explore the interrelationship between economics and statistics.
Statistics
Statistics refers to the aggregates or averages that relate to certain inquiries or relationships. The meaning of statistics can be understood in two ways: in the plural sense and in the singular sense.
Difference between Simple and Complex Economy
A barter system is used for buying and selling goods in a simple economy and in complex economy Money is used as a medium of exchange for…
Difference between Open Economy and Closed Economy
The Main Differences between Open Economy and Closed Economy are – A Closed Economy Does not have economic relations with the rest of the world.
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Difference between Direct and Indirect tax
Direct tax burden cannot be shifted to any other individual or firm by the taxpayer, and indirect tax burden can be shifted by the taxpayer.
Differences between Fiscal Policy and Monetary Policy
Fiscal policy affects the revenue and expenditure of the government. and Monetary policy affects the aggregate supply of money in an economy.
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Difference between Developed and Underdeveloped Economy
In a developed economy, a high per capita income leads to a higher standard of living, and in an underdeveloped economy, A low per capita income leads to a low standard of living.
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Types of taxes
There are two types of taxes – Direct tax and Indirect Tax. Other types of Taxes are Progressive tax, Proportional Tax, Regressive Tax, Degressive Tax
Poverty in India
In pre-independent India, Dadabhai Naoroji was the first person to discuss the concept of a poverty line. Poverty is the inability to secure the minimum human needs of food, clothing, housing, education and health.