regression:  Welcome to this blog. *Only concepts* Topics Concept of regression types of regression difference between correlation and regression uses of regression Conclusion (Economics concepts) Dependent variable and independent variable Dependent variable: The variables whose values are estimated or measured is called dependent variable. Independent variable: refers to the basis for determining the value of other variable. Example: relationship between demand and price. here price is a dependent variable because the changes in price is a 1 variable and demand is the base for measurement. hence the variable which is base for measuring other variable is independent variable and the variable which measures the value of price is dependent variable.  Difference between regression and correlation Regression and correlation are almost closely related concepts. both deal with measurement of relationship between 2 or more variables. The main difference is  Regression: measures the effect of

💖 WELCOME TO YOU INTRODUCTION Correlation is very useful for economists and mainly for psychologists to study relationship between TWO variables. we not only measure the existing relationship but also we can measure the importance of relationship between them.  Concept of correlation OR Meaning of correlation Correlation refers to the relationship between two variables is known as correlation. or in other words (It refers to the relation between an independent variable and a dependent variable). So, It helps to analyse the relationship between two or more variables.    It is a statistical technique which measures the quantitative relationship between different variables.  for example, relationship between : Price and demand Price and supply Demand and other determinants or determinant variables..... Correlation compulsorily lies between +1 and -1 only. that means, if the correlation value (Coefficient value) is more than +1 or -1, it is invalid or wrong.  Definitions of correlation A.

WELCOME TO YOU I heartily welcome you to read about  statistics in economics. Please suggest me if I have to include any information or concept. Surely I'll learn from you. Please click this link to understand very basic concepts in statistics: Statistics Message Hope you understand easily without confusion. Learning something new is not at all easy but, the way we choose to learn is completely in our hands. Let us learn like a skill which we remember for a long time in life. If this blog helps you a little in your learning, that means it fulfil its purpose. SIMPLY Statistics: refers to averages, analysis of data, study of principles and applied methods, and interpretation of enquired data. ------------------------------ ......................................................... Key Points Statistics is very important to analyse the data clearly. It helps to plan on your own based on the collected data.  Modern economics has included the study of statistics to study the information

WELCOME TO YOU I heartily welcome you to read this post on few important concepts related to "Statistics" in economics.  ------------------------------ Introduction to the reader Namaste, before understanding the concepts in statistics (stats) let us understand the Meaning, need, requirement and importance of statistics in Economics.  Statistics The word statistics has been derived from the Latin word "Status" and Italian word "Statista" which means a Political State.  The word "statistics" is used in two ways: Singular plural. Singular Singular means collection, classification and presentation of the data.  Plural Plural sense statistics means the data. It refers to all the statistics as a single data. Importance of statistics in economics Statistical data is useful to understand the economic problems.  With the help of statistics we can analyse the nature of many economic problems like poverty, unemployment, etc.  The increasing importance of s