ECONOMICS

Detailed explanation-1: -Descriptive statistics summarize the characteristics of a data set. Inferential statistics allow you to test a hypothesis or assess whether your data is generalizable to the broader population.

Detailed explanation-2: -While descriptive statistics summarize the characteristics of a data set, inferential statistics help you come to conclusions and make predictions based on your data. When you have collected data from a sample, you can use inferential statistics to understand the larger population from which the sample is taken.

Detailed explanation-3: -Inferential statistics, sometimes called statistical inference, uses data sourced from a sample group to make predictions, or conclusions, about a larger group.

Detailed explanation-4: -Descriptive statistics describe what is going on in a population or data set. Inferential statistics, by contrast, allow scientists to take findings from a sample group and generalize them to a larger population.