[i-kon-uh-me-triks] 
) Economics. | the application of statistical and mathematical techniques in solving problems as well as in testing and demonstrating theories. |
| e·con·o·met·rics (ĭ-kŏn'ə-mět'rĭks) n. (used with a sing. verb) Application of mathematical and statistical techniques to economics in the study of problems, the analysis of data, and the development and testing of theories and models. [econo(mics) + -metrics.] e·con'o·met'ric, e·con'o·met'ri·cal adj., e·con'o·met'ri·cal·ly adv., e·con'o·me·tri'cian (-mĭ-trĭsh'ən), e·con'o·met'rist n. |
Econometrics
The application of statistical theories to economic ones for the purpose of forecasting future trends.
Investopedia Commentary
Econometrics takes economic models and tests them through statistical trials. The results are then compared and contrasted against real life examples.
Related Links
Economics Basics Tutorial
See also: Dismal Science, Economics, Keynesian Economics