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  • Our expectations are more but the resources used in the production of goods that satisfy our needs are limited and scarce. Scarcity is the root of all economic problems.
  • Resources can be used alternatively.
  • Purchase of goods by consumers to satisfy their various needs of Consumption.
  • Manufacture of goods by producers for the market is Production.
  • Division of the national income into wages, profits, rents and interests is Distribution.
  • Statistics finds economic relationships using data and verifies them.
  • Statistical tools are used in prediction of future trends.
  • Statistical methods help analyse economic problems and formulate policies to solve them.

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