Question

definition of ECONOMETRICS of 1 page

Answer 1

Econometrics is the application of statistical methods to economic data in order to give empirical content to economic relationships. More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference". An introductory economics textbook describes econometrics as allowing economists "to sift through mountains of data to extract simple relationships".The first known use of the term "econometrics" (in cognate form) was by Polish economist Paweł Ciompa in 1910.Jan Tinbergen is considered by many to be one of the founding fathers of econometrics.Ragnar Frischis credited with coining the term in the sense in which it is used today.

A basic tool for econometrics is the multiple linear regression model. Econometric theory uses statistical theory and mathematical statistics to evaluate and develop econometric methods.Econometricians try to find estimators that have desirable statisticalproperties including unbiasedness, efficiency, and consistency. Applied econometrics uses theoretical econometrics and real-world data for assessing economic theories, developing econometric models, analysing economic history, and forecasting.
A basic tool for econometrics is the multiple linear regression model.[9] In modern econometrics, other statistical tools are frequently used, but linear regression is still the most frequently used starting point for an analysis.[9] Estimating a linear regression on two variables can be visualised as fitting a line through data points representing paired values of the independent and dependent variables.

Answer 2

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