What is the best definition of economic data?
a. Economic data is the information used for calculation, analysis, or planning.
b. Economic data is the fastest time it takes to use the fewest resources.
c. Economic data is the knowledge that can be applied to create solutions.
d. Economic data is a determination based on patterns and evidence.
Answer: a. Economic data is the information used for calculation, analysis, or planning.
Economic data can be described as facts and numerical values, which pertain to the economic events or phenomena, and their characteristics. They are applied in economic planning and forecasting and in decision making processes by governments, businesses and the financial market institutions.
Economic data may cover GDP, employment ratio, inflation ratio, consumers’ expenditure, trade balance, interest rates, and many other variables of economical nature. This information is obtained from government ministries and departments, questionnaires, and other non-governmental organizations and is very crucial in the assessment of economic situation, rhythms, and cycles. It applies to calculations, analyses, and planning in economic area, so it becomes evident that option a is the most appropriate definition of the economic data of the case.
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