Econometrics is a branch of economics that utilizes statistical methods to analyze and test relationships between economic variables. It combines economic theory with statistical techniques to quantify and test hypotheses about economic models. Econometric analysis is used to make predictions about future economic trends, assess the impact of policies or interventions, and understand the relationships between different economic variables. Econometrics plays a crucial role in empirical research in economics and helps policymakers, businesses, and researchers make informed decisions based on data-driven evidence.
This mind map was published on 19 January 2025 and has been viewed 35 times.