Question

What are the subjects that econometrics make use of ?

Answer 1

Econometrics is the application of statistical methods to economic data and is described as the branch of economics that aims to give empirical content to economic relations.[1]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".[2] An introductory economics textbook describes econometrics as allowing economists "to sift through mountains of data to extract simple relationships".[3] The first known use of the term "econometrics" (in cognate form) was by Polish economist Paweł Ciompa in 1910.[4] Jan Tinbergen is considered by many to be one of the founding fathers of econometrics.[5][6][7] Ragnar Frischis credited with coining the term in the sense in which it is used today.[8]

The basic tool for econometrics is the multiple linear regression model.[9]Econometric theory uses statistical theoryand mathematical statistics to evaluate and develop econometric methods.[10][11]Econometricians try to find estimators that have desirable statistical properties 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.

Answer 2

Explanation:

Econometrics is the quantitative application of statistical and mathematical models using data to develop theories or test existing hypotheses in economics. Econometrics relies on techniques such as regression models and null hypothesis testing.