Statistics for Business and Economics: Global Edition

Product Information

For example, an economist may collect data on total sales (in millions) of goods in a certain country and then create a forecast for future sales: These types of charts are often used to help economists spot trends that can help them see if the economy is improving or declining. Introduction to Statistics is our premier online video course that teaches you all of the topics covered in introductory statistics. Get started with our course today. Using these metrics, economists can gain a better understanding of the state of the economy in a particular region. For example, suppose an economist creates the following line chart that shows the overall unemployment rate in a certain city by year:

Cengage Learning - Statistics for Business and Economics

Note: These types of descriptive statistics are used at every level of economics. For example, economists at the national level, state level, city level, county level, etc. all use descriptive statistics to gain a better understanding of the state of the economy in their area. Reason 2: Spot Trends Using Data Visualization Reason 3: Statistics allows economists to quantify the relationship between variables using regression models. Extend your professional development and meet your students where they are with free weekly Digital Learning NOW webinars. Attend live, watch on-demand, or listen at your leisure to expand your teaching strategies. Earn digital professional development badges for attending a live session.

Reason 1: Statistics allows economists to understand the state of the economy using descriptive statistics. Just from looking at this bar chart, the economist will be able to tell that the unemployment rate is decreasing over time, which is a sign that the economy is strong and more citizens are becoming employed. Reason 3: Quantify Relationship Between Variables Using Regression Models Statology Study is the ultimate online statistics study guide that helps you study and practice all of the core concepts taught in any elementary statistics course and makes your life so much easier as a student. Another common way that statistics is used in economics is through data visualizations such as line charts, histograms, boxplots, pie charts and other charts. Using this forecast, the economist can predict (with a certain level of confidence) how the economy is likely to perform in the coming months and years. Additional Resources

Statistics for Business and Economics, 14th edition - Pearson

In the rest of this article, we elaborate on each of these reasons. Reason 1: Understand the Economy Using Descriptive StatisticsThe definitive introduction to statistics by Anderson, Sweeney, Williams has now been expertly adapted for business and economics students across the United Kingdom, Europe, Middle East and Africa. This compendium contains and explains essential statistical formulas within an economic context. A broad range of aids and supportive examples will help readers to understand the formulas and their practical applications. This statistical formulary is presented in a practice-oriented, clear, and understandable manner, as it is needed for meaningful and relevant application in global business, as well as in the academic setting and economic practice.