Abstract
Economics is a social science that deals with the study of production, distribution, and consumption of goods and services. It's the study of scarcity and its implications for the use of resources, production of goods and services and other complex issues of concern to society. Economists often use data science in their work and likewise data scientists sometimes consider economic figures. Economics as a statistical and mathematical subject is heavily dependent upon data. The basic premise of Economics is to find helpful insights from datasets that reveal information about the financial state of an organisation, especially big business firms, in order to make better budgetary decisions. In May 2023, I sent out an online questionnaire to understand the importance of data in a 21st century firm and the advantages associated with it. I received responses from 203 people from different genders, age groups, locations, and fields of work.
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