Statistics for economics concerns itself with the collection, processing, and analysis of specific economic data. It helps us understand and analyze economic theories and denote correlations between variables such as demand, supply, price, output etc.
How do we use statistics in everyday life?
Statistics are widely used in consumer goods products. The reason is consumer goods are daily used products. The business use statistics to calculate which consumer goods are available in the store or not. They also used stats to find out which store needs the consumer goods and when to ship the products.