The Department of Economics & Statistics, Government of Kerala is the nodal agency of the state responsible for the systematic collection, compilation, analysis, objective, interpretation and dissemination of statistics relating to various sectors of Kerala Economy. Economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth. Relationships between supply and demand and imports and exports are found using statistical information. Economics seeks to solve the problem of scarcity, which is when human wants for goods and services exceed the available supply. to identify the relationship between price, demand, supply and other economic factors. Numbers called the mean, median and mode are all used to indicate the average or center of the data. U.S. Bureau of Labor Statistics. Kerala is one of the states in India having a well-organized statistical system. Economics ranges from the very small to the very large. On this page are some famous, standard definitions about what economics is all about. Statistics is a data interpretation tool used for collecting, classifying and analyzing data. Here the goal is to calculate quantities that describe our data. Further, economics helps in integrating various sciences such as mathematics, statistics, etc. Descriptive Statistics . The range and standard deviation are used to say how spread out the data is. One way to analyze data is called descriptive statistics. PNC's Economic Releases provide analysis of the day's major economic indicators and breaking news and how that news or data will shape the overall economic outlook and financial market trends. "Overview of BLS Statistics on Inflation and Prices." Much of economics depends on statistics. Definitions and Basics. Economics is a science: Science is an organised branch of knowledge, that analyses cause and effect relationship between economic agents. … Huge Holiday Gain for Online Retailers Will Outweigh Hit to In-Store Sales from Pandemic - 11/18/2020 Economics is the study of given ends and scarce means. In the 19th century economics was the hobby of gentlemen of leisure and the vocation of a few academics; economists wrote about economic policy but were rarely consulted by legislators before decisions were made. Economists use statistics to collect information, analyze data, and test hypotheses. Institute for Supply Management. It often involves topics like wealth and finance, but it’s not all about money. Economics is a broad discipline that helps us understand historical trends, interpret today’s headlines, and make predictions about the coming years. The Role of Statistics in Economics. 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