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Econometrics is an important branch of study which uses the concepts of mathematics(especially statistics) to describe economic systems. It can be referred to as the branch of economics that aims to give empirical content to economic relations. While at university/college, students learning econometrics are introduced to more advanced topics such as multiple linear regression, statistical theory, econometric models, forecasting, etc.
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Econometrics deals with diverse topics that are related to mathematical statistics, statistical theories and economics. It is the field of economics which is the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference.
The subject requires a lot of consistent practice and hard work to acquire perfection in writing academic documents. Also, it is tough for the college-goers to manage their econometrics studies along with so many other commitments.
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|Omitted-variable bias||Simultaneous equation models|
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|Controlled experiments||Ordinary least squares|
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|Macroeconomic model||Spatial econometrics|
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