Economics vs. Econometrics — What's the Difference?

Economics () is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services.Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions.

Econometrics is the application of statistical methods to economic data in order to give empirical content to economic relationships. More precisely, it is "the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference".

(used with a sing. verb) The social science that deals with the production, distribution, and consumption of goods and services and with the theory and management of economies or economic systems.

Application of mathematical and statistical techniques to economics in the study of problems, the analysis of data, and the development and testing of theories and models.

(used with a sing. or pl. verb) Economic matters, especially relevant financial considerations

(economics) The branch of economics that applies statistical methods to the empirical study of economic theories and relationships.

(social sciences) The study of resource allocation, distribution and consumption; of capital and investment; and of management of the factors of production.

The application of mathematics and statistics to the study of economic and financial data.

The science of household affairs, or of domestic management.

The application of mathematics and statistics to the study of economic and financial data

Political economy; the science of the utilities or the useful application of wealth or material resources; the study of the production, distribution, and consumption of goods and services of a nation or region, and its effect on the wealth of a country. See Political economy, under Political.

The branch of social science that deals with the production and distribution and consumption of goods and services and their management