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English-US
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Date:
2022-03-04 14:47:52
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Topic:
How Math and Economics Correlate
Content:
Mathematics and economics are closely connected in several ways. Economics can be described as a social science which deals with the production of goods and services, distribution, consumption, in relation to resources. It focuses on analyzing such factors using quantitative methods which results in the utilization of statistical figures and mathematical models in the calculation of the required models. The correlation between the two leads to the introduction of mathematical economics, where numerical methods and principles are used to develop economic theories (Kenton, 2019). As such, economics relies mostly on mathematical principals in the investigation and interpretation of economic quandaries through quantifiable tests that use mathematical concepts.
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