Econometrics - Meaning, Definition & English Examples
Econometrics is the application of statistical and mathematical methods to analyze economic data, helping to test theories, forecast trends, and evaluate policies. It combines economics, statistics, and mathematics.
econometrics
Definition:
The application of statistical methods to economic data for testing theories and forecasting trends.
Synonyms:
statistical economics, quantitative economics, econometric analysis
Part of Speech:
noun
Antonyms:
qualitative economics, theoretical economics
Common Collocations:
econometric models, econometric analysis, econometric techniques, econometric software
Derivatives:
econometrician, econometrically
Usage Tips:
Use "econometrics" when referring to the quantitative analysis of economic relationships using statistical methods.
Common Phrases:
applied econometrics, time-series econometrics, panel data econometrics
Etymology:
Derived from "economics" + "metrics," combining Greek "oikonomia" (household management) and "metron" (measure).
Examples:
- 1. Econometrics helps economists analyze complex data patterns.
- 2. She studied econometrics to improve her forecasting skills.
- 3. Modern econometrics relies heavily on computational tools.
- 4. His research in econometrics won an academic award.