Are Statistical Studies an Essential Part of Microeconomics?

Economics and its related areas have attained great significance in recent past due to financial upheavals taking place in major countries. Students venture out into this area hoping for a bright career. Micro and macroeconomics are two major areas of study for them.

Is microeconomics easy?

As students specialize in different areas of economics, they are confused about what to choose. Macroeconomics is the branch of economics which studies how individual reactions affect the distribution of scarce resources. It analyses the possible outcome of individual choices by buyers, sellers or the market as a whole. But macroeconomics deals with the economy as a whole. It is generally accepted that macro is better than micro for entry-level students as it is easier to understand. Microeconomics Homework Help can be useful for the students who struggle to get a grasp over concepts of microeconomics.

Microeconomics studies hand in glove with statistics:

The very fact that microeconomics studies involve study at minute levels implies that there will be lots of analysis and scrutiny in this. A study of microeconomics is incomplete without touching upon areas in statistics. The role of statistics in economics can be summarised as below:

• Statistical tools are used to make comparisons of data related to production or consumption of various goods.
• Statistics help in arriving at hypothesis related to costs, production or distribution.
• In studying the interaction of consumers and market, the contribution of statistics is immense.
• Statistics help in comparing economic data over a period of time, say industrial growth in past few decades.
  
• Students often make the mistake of considering economics as a subject devoid of mathematical applications. It is essential to ‘look before you leap’ as the proverb goes

Hurdles of Statistics:

Statistics is highly mathematical and analytical in nature. As a result, many economics students have a hard time mastering its concepts. Today they can take the aid of technology which makes their path easier. The major benefit of educational sites is that they can be accessed from all over the world. Statistics Homework Help Australia can be used even by students sitting in remote parts of the European continent.

Advantages of excelling in both:

In many countries, universities offer dual gradations in related disciplines like mathematics and economics or statistics and economics. Selecting such dual programs are beneficial for students.

· They help to relate topics more constructively. When studying a particular theory in economics, they will understand which statistical formula can be used in the situation.

· Students develop an aptitude for analytical thinking and quantitative financial analysis all in one go.

· They become better equipped to face career market as they are armed with better knowledge than their counterparts who major in one discipline.

About the Author:

This article is written by Steven Smith. To know more about Microeconomics Homework Help and Statistics Homework Help visit now website:www.courseworktutors.com

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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