Topic 1:Definition and subject matter of econometrics
Introduction
This topic exposes you to the meaning of Econometrics, its uses and the classification of Econometrics. It will help you to have a sound knowledge on the meaning of the subject matter. The early empirical studies in Economics (prior to 1940) was concerned with the measurement of elasticities (demand and supply elasticities: % in Q / % in P) and the presentation of business cycles (i.e., fluctuations). Later, the development of national income accounting in conjunction with Keynesian economic theory created new opportunities for the econometric analysis of macroeconomic series, including complete models of economies.
Objectives
At the end of this topic, you should be able to know:
Meaning of Econometrics
Usesof Econometrics
Scopes and stages of Econometrics
Introduction
This topic exposes you to the meaning of Econometrics, its uses and the classification of Econometrics. It will help you to have a sound knowledge on the meaning of the subject matter. The early empirical studies in Economics (prior to 1940) was concerned with the measurement of elasticities (demand and supply elasticities: % in Q / % in P) and the presentation of business cycles (i.e., fluctuations). Later, the development of national income accounting in conjunction with Keynesian economic theory created new opportunities for the econometric analysis of macroeconomic series, including complete models of economies.
Objectives
At the end of this topic, you should be able to know:
Meaning of Econometrics
Usesof Econometrics
Scopes and stages of Econometrics
- Teacher: Akanbi Lydia