ECONOMETRICS


Meaning of ECONOMETRICS in English

Statistical and mathematical analysis of economic relationships.

Econometrics creates equations to describe phenomena such as the relationship between changes in price and demand. Econometricians estimate production function s and cost functions for firms, business cycle s and growth for forecasting. Information derived from these models helps both private businesses and governments make decisions and set monetary and fiscal policy. See also Ragnar Frisch ; {{link=macroeconomics">macroeconomics ; microeconomics .

Britannica English dictionary.      Английский словарь Британика.