what is economicteric models?
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ᴇᴄᴏɴᴏᴍᴇᴛʀɪᴄ ᴍᴏᴅᴇʟs ᴀʀᴇ sᴛᴀᴛɪsᴛɪᴄᴀʟ ᴍᴏᴅᴇʟs ᴜsᴇᴅ ɪɴ ᴇᴄᴏɴᴏᴍᴇᴛʀɪᴄs. ᴀɴ ᴇᴄᴏɴᴏᴍᴇᴛʀɪᴄ ᴍᴏᴅᴇʟ sᴘᴇᴄɪғɪᴇs ᴛʜᴇ sᴛᴀᴛɪsᴛɪᴄᴀʟ ʀᴇʟᴀᴛɪᴏɴsʜɪᴘ ᴛʜᴀᴛ ɪs ʙᴇʟɪᴇᴠᴇᴅ ᴛᴏ ʜᴏʟᴅ ʙᴇᴛᴡᴇᴇɴ ᴛʜᴇ ᴠᴀʀɪᴏᴜs ᴇᴄᴏɴᴏᴍɪᴄ ǫᴜᴀɴᴛɪᴛɪᴇs ᴘᴇʀᴛᴀɪɴɪɴɢ ᴛᴏ ᴀ ᴘᴀʀᴛɪᴄᴜʟᴀʀ ᴇᴄᴏɴᴏᴍɪᴄ ᴘʜᴇɴᴏᴍᴇɴᴏɴ.
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It specifies the statistical relationship that is believed to hold between the various economic quantities pretaining to a particular economic phenomenon.
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