Econometrics

What does it mean?
The application of statistical theories to economic ones for the purpose of forecasting future trends.

In Other Words...
Econometrics takes economic models and tests them through statistical trials. The results are then compared and contrasted against real life examples.

Related Links
Economics Basics Tutorial - Learn economics principles such as the relationship of supply and demand, elasticity, utility, and more!

Related Terms
Dismal Science | Economics | Keynesian Economics

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