Definition

The use of math and statistics to analyze economic data and solve economic problems.

Example

Econometrics helps economists understand complex data and make informed decisions.

Conversation

I just started a course on econometrics this semester.

Oh, that sounds interesting! What does it cover?

It focuses on using statistics to analyze economic data and make forecasts.

Nice! That will definitely help you understand the market better.

Synonyms & Antonyms

Root Explanation

Econometrics → It is formed from "oikonomia" (Greek for household management or economy) and "metron" (Greek for measure). The word combines these parts to mean the measurement and analysis of economic data.

Memory Tip

Think of 'oikonomia' as managing a household or economy and 'metron' as measuring — this helps you remember that econometrics is about measuring economic data.

Visually Confused Words