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Econometrics
A branch of Economics that uses quanitative methods to analyse Economic Theories through the statistical relationships between independant and dependant variables. Econometrics combines the fields of Economics, Mathematics, and Statistics to produce empirical data which must be interpreted to yield a relationship applicable to Economic Theory, whether in support of or not. By utilising sophisticated computer programmes designed for Econometrics, like Shazam or R, Economists reduce the amount of time consuming mathematical operations necessary to produce statistical relationships.
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- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Economy
- Category: Economics
- Company: The Economist
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