econometrics
Definition
The application of statistical and mathematical methods in the field of economics to describe the numerical relationships between key economic forces such as capital, interest rates, and labor.
Use econometrics in a sentence
“ Our business had to do some econometrics because it would incorporate math and statistics to determine certain relationships in our company. ”
“ John loved being involved with econometrics. Although his major was in economics, he loved looking at the economic business relationships as a career. ”
“ The econometrics calculations indicated statistically significant relationships between the variables that were mentioned during the meeting which included the labor market. ”
