Econometrics is an application of statistical methods to economic data in order to give empirical content to economic relationships. Basically, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference". (Source: Wikipedia) Econometrics relies on techniques such as regression models and null hypothesis testing. Econometrics can also be used to try to forecast future economic or financial trends.
Econometrics is an application of statistical methods to economic data in order to give empirical content to economic relationships. Basically, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference". (Source: Wikipedia)
Econometrics relies on techniques such as regression models and null hypothesis testing. Econometrics can also be used to try to forecast future economic or financial trends.
Join 4M+ learners. Unlock unlimited quizzes, wrong-answer tracking, flashcards + reminders, study guides, and 1-on-1 challenges.