Glossary
Opinions
Articles
Beginners Course
Lecture Modules - PDS
Exams
New Highs
Winning Shares
Lecture Modules - Resellers
About - Background Approach
Privacy Policy
Daily Quiz
Software Download Steps
Logout
Dashboard
Log out
This is the application of statistics and probability to economic data. Like all social sciences, economics is measuring the behaviour of people and developing rules based on their behavioural patterns. People are infinitely variable and so any test of their response to a particular situation will never yield a 100% result. The results will vary, but may indicate a 70% probability in a particular direction. This means that results have to be analysed statistically to establish their degree of reliability within any population.