Economics, mathematics and statistics

Economics, mathematics and statistics:

Among other sciences, economics is associated to statistics and mathematics. Statistics is the science of averages. This is the science of counting. Many tables and diagrams employed in economics are depends on statistical analysis. Mathematical techniques are largely employed in modern economics.

Now we have a new science termed as econometrics. It makes utilization of statistics and mathematics in economics. The econometric society was founded in the year1930, and the first Nobel Prize in economics was awarded to Ragnar Frisch and Jan Tinberen for their involvement to econometrics.

Static and dynamic concepts

Time element is very helpful in studying the working of an economy. There are two key lines of approach. They are:

1. Static analysis and
2. Dynamic analysis.

In the situation of static analysis, we inspect a trouble at any given moment of time. Even in static analysis, at times we consider a short period instead of a single point. We suppose that some changes occur during the short period. The technique of approach where we take note of changes in short period is termed as comparative statics. For illustration, in comparative statics, we match up to the state of economy at one moment to the economy at other moment. Marshall’s analysis of supply and demand is a good illustration of comparative statics.

In dynamic analysis, we inspect the path or procedure by which the economy moves from one state of equilibrium to the other. Time element is a significant factor in dynamic analysis. Change is the keyword in the dynamic analysis. For illustration, investment during a period might depend upon the rate of interest in the preceding period. The study of trade cycle might be given as a good instance of dynamic analysis.

Stocks and flows:

Stocks and flows are fundamental concepts in economics. Stocks can be measured at a specified point of time. The flow is an amount which can be measured only in terms of particular period of time. In another words, it has a time dimension. For illustration, wealth is a stock and income is flow.


Latest technology based Economics Online Tutoring Assistance

Tutors, at the, take pledge to provide full satisfaction and assurance in Nature and Scope of Economics help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for Nature and Scope of Economics, project ideas and tutorials. We provide email based Nature and Scope of Economics help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in Nature and Scope of Economics. Through Online Tutoring, you would be able to complete your homework or assignments at your home. Tutors at the TutorsGlobe are committed to provide the best quality online tutoring assistance for Economics Homework help and assignment help services. They use their experience, as they have solved thousands of the Economics assignments, which may help you to solve your complex issues of Nature and Scope of Economics. TutorsGlobe assure for the best quality compliance to your homework. Compromise with quality is not in our dictionary. If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay.

2015 ┬ęTutorsGlobe All rights reserved. TutorsGlobe Rated 4.8/5 based on 34139 reviews.