The economic model and econometric model are the two models that are used in economics. The key differences between the economic and econometric model are the key concern of every student pursuing a degree in economics. The economic model is the theoretical construct that represents the complex economic process, while the econometric model uses statistical concepts to determine the empirical extent of the economic model.
Key Differences Between the Economic and Econometric model
1. Meaning
2. Concept
3. Modeling
4. Focus
5. Application
6. Outcome
7. Nature
8. Use of data
9. Forecasting
10. Significance test
11. Example
Other online materials
Econometrics - Introduction to Econometrics
Other articles related to Economics
Subsidy: A Deeper Analysis with 6 Figures
Tax: A deeper analysis with 9 figures
Price Discrimination: Meaning, Reasons, Conditions, and Methods
Cartel: A clear economic analysis
0 Comments