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