Econometrics
Econometric is the application of mathematics, statistical methods, and, more recently, computer science, to economic data and is described as the branch of economics that aims to give empirical content to economic relations by M. Hashem Pesaran (1987). "Econometrics," The New Palgrave: A Dictionary of Economics,
also econometric can be define as "The application of statistical and mathematical theories to economics for the purpose of testing hypotheses and forecasting future trends. Econometrics takes economic models and tests them through statistical trials. The results are then compared and contrasted against real-life examples". according to investopidia
Can be divided into two categories Theoretical and Applied, it uses tools such as frequency distributions, probability and probability distributions, statistical inference, simple and multiple regression analysis, simultaneous equations models and time series methods. An example of a real-life application of econometric would be to study the hypothesis that as a person's income increases, spending increases.
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