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Statistics is the study of the collection, analysis, interpretation, presentation, and organization of data. In other words, it is a mathematical discipline to collect, summarize data. Also, we can say that statistics is a branch of applied mathematics.

There are two kinds of Statistics, which are descriptive Statistics and inferential Statistics. In descriptive Statistics, the Data or Collection Data are described in a summarized way, whereas in inferential Statistics, we make use of it in order to explain the descriptive kind.

Answer: The field of Statistics deals with collection, organisation, analysis, interpretation and presentation of data. Statistics plays a vital role in understanding economic data such as the relationship between the quantity and price, supply and demand, economic output, GDP, per capita income of nations etc.

Why Is Statistics Important? Statistics provide the information to educate how things work. They're used to conduct research, evaluate outcomes, develop critical thinking, and make informed decisions.

To summarize, the five reasons to study statistics are to be able to effectively conduct research, to be able to read and evaluate journal articles, to further develop critical thinking and analytic skills, to act a an informed consumer, and to know when you need to hire outside statistical help.

Statistics is an important field because it helps us understand the general trends and patterns in a given data set. Statistics can be used for analysing data and drawing conclusions from it. It can also be used for making predictions about future events and behaviours.

The most important concepts covered in Statistics include mean, median, mode, range, and standard deviation.