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Introduction — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsIntroduction3 Marks
Question
Discuss the role of statistics in economic planning.
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Answer

Statistics are used in economic planning for the following purposes:
  1. Statistical data helps us in comparing the rate of development of one country with the rate of development of the other country.
  2. The importance of consumption, production, distribution, etc can be known from the available statistical data.
  3. The success that a plan achieves is measured best by the use of statistical methods.
  4. Statistical data is used for knowing about the progress in the techniques of production, volume of production, imports, exports, etc.
  5. Planning involves fixation of targets and priorities. Targets which are fixed, have to be achieved within a specific period of time. Targets can be fixed only with the help of statistical data.

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