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Econometrics is basically applied statistics. The theory you learn in statistics can be used to answer questions posed in the field of economics. Because this application is mathematical, it allows economists to perform research using economic data in an empirical, scientific, and rigorous manner.
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What is the difference between economics and econometrics?
Economics is the study of the ecosystem wheres econometrics is the measure of the ecosystem in metres. e.g. they get a ruler and measure how big the ecosystem is.
What is econometrics?
Econometric is a mathematical and statistical tool for empirical economic analysis. An econometric model is a set of equations that depict the major relationship in the economy. It is usually used in economic analysis to illustrate cause-effect relations and to help to predict the future tendencies for key variables. Source(S): heytutor.com/econometrics-tutor
Discuss the goals of econometrics?
1. To verify economic theories and hypothesis establishing empirical informations. 2. To obtain reliable estimate of the co-efficient of economic relationship and use them for policy decisions. 3. Using the numerical estimate of the coefficient to forecast future values of the economic magnitude.
What is the difference between econometric and mathematical economics?
Econometrics analyzes real-world data. Theory writes mathematical models.
What is the use of statistics in economics?
It helps in summarising the data It helps in making polices It gives information in a precise and exact form It helps to find out the relationship between economic facts
What is the relationship between financial accounting and Statistics?
what is the relationships between statistics and accounting
What has the author A R Pagan written?
A. R. Pagan has written: 'Nonparametric econometrics' -- subject(s): Mathematical statistics, Econometrics, Statistical methods, Economics
What is relationship between agriculture and statistics?
Agriculture uses statistics, statistics does not use agriculture.
Apllication of statistics in business?
Statistics is applied in business in a number of ways. Some of these applications include: financial analysis, auditing, planning and econometrics.
Is there a relationship between dynamics and statistics?
There is a relationship between thermodynamics and statistics. For more detail than you can probably handle, check out the book Statistical Thermodynamics by McQuarrie.
What has the author G S Maddala written?
G S Maddala was an eminent economist known for his work in econometrics. He authored books such as "Introduction to Econometrics" and "Limited-Dependent and Qualitative Variables in Econometrics". His research made significant contributions to the fields of economics and statistics.
What is meant by the term econometrics?
Econometrics is a term used to describe the application of mathematics, statistics, and more recently computer science to economic data. The term was first used by Pawel Ciompa in 1910.
What has the author Tina Hviid Rydberg written?
Tina Hviid Rydberg has written: 'Some modelling results in the area of interplay between statistics, mathematical finance, insurance and econometrics'
What is the relationship between a sample and population is statistics?
Information obtained from the sample can be extrapolated to the whole population using statistics.
Is there a relationship between the independent variable and the dependent variable?
inferential statistics
The relationship between statistics and economics?
yar kash pta hota
What is meant by p value?
the p-value is used in statistics. It shows how strong the relationship between the variable are. Normally it is between -1 and 1. The closer it is to one the stronger the relationship is. the p-value is used in statistics. It shows how strong the relationship between the variable are. Normally it is between -1 and 1. The closer it is to one the stronger the relationship is.
