Another common way that statistics is used in economics is through data visualizations such as line charts, histograms, boxplots, pie charts and other charts. 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.

Statistics for Business and Economics, Global Edition - Pearson

He is the Director of the Conference on Financial Economics and Accounting, and the Conference on Pacific Basin Business, Economics and Finance. Statistics for Business and Economics is your guide to statistics in the context of contemporary business. Plus, interactive AI‑powered summaries and a social community help you better understand lessons from class. He has been teaching business mathematics, business statistics and quantitative methods in planning, taxation and controlling within operational and strategic management since 1993, mainly at German universities of applied sciences.

Meet students where they are with MyLab ®, and capture their attention in every lecture, activity, and assignment using immersive content, customized tools, and interactive learning experiences in your discipline. They can also quantify exactly how much additional education and additional working hours affects household income. Using these metrics, economists can gain a better understanding of the state of the economy in a particular region. For example, an economist may have access to data on total years of education, hours spent working per week, and household income for households in a certain city.

Statistics for Business and Economics, Global Edition - Pearson Statistics for Business and Economics, Global Edition - Pearson

Professor Lee has written six books on corporate finance, portfolio management, business statistics and urban econometrics. To avoid the next payment charge, select Cancel subscription on the Manage subscription page in My account before the renewal date. They can then use these metrics to inform politicians or law makers on the best methods to use to ensure that the economy remains healthy and grows.Therefore, this book gives students an understanding of how to apply the methodology of statistics to real world situations. When you purchase a Channels subscription it will last 1 month, 3 months or 12 months, depending on the plan you chose.