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About Chapter One: Introduction: 1.1 Definition and Scope of Econometrics
This document provides an introduction to econometrics. It defines econometrics as using economic theory, mathematics, and statistical methods to measure and analyze economic phenomena. The main purposes of econometrics are to describe economic reality, test economic hypotheses, and forecast future economic trends. Econometrics models economic relationships and allows them to be empirically tested using data. The methodology of econometrics involves specifying an economic theory, developing a mathematical model, specifying an econometric model, obtaining data, estimating the model, testing hypotheses, forecasting, and using the model for policy purposes.
Detailed Information
| Author: | ['Getachew Hussen'] |
|---|---|
| Publication Year: | 2021 |
| Pages: | 8 |
| Language: | English |
| Format: | |
| Price: | FREE |
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