Statistics / Econometrics

Econometrics is part of economic science. It combines Economic Theory, Mathematics, Business Statistics and Analytic Statistics in order to analyse economic phenomena. One traditional field of application is Political Economy. Typical questions in this field are e.g. "What determines the development of unemployment?", "What determines consumption?" or "Which are the determining parameters of demand for money?" But Econometrics is also applied in Business Administration e.g. in researching the efficiency of advertising efforts, in drawing up price-consumption- or cost-functions, in forecasting sales volumes or in analysing capital market data.