69. WHAT IS ECONOMETRICS? |Tips to study econometrics on your own| Easy explanation (for self-study)

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Econometrics analyzes data using statistical methods in order to test or develop economic theory. These methods rely on statistical inferences to quantify and analyze economic theories by leveraging tools such as frequency distributions, probability, and probability distributions, statistical inference, correlation analysis, simple and multiple regression analysis, simultaneous equations models, and time series methods.
Econometrics was pioneered by Lawrence Klein, Ragnar Frisch, and Simon Kuznets. All three won the Nobel Prize in economics in 1971 for their contributions. Today, it is used regularly among academics as well as practitioners such as Wall Street traders and analysts.
Econometrics is the quantitative application of statistical and mathematical models using data to develop theories or test existing hypotheses in economics and to forecast future trends from historical data. It subjects real-world data to statistical trials and then compares and contrasts the results against the theory or theories being tested.
Depending on whether you are interested in testing an existing theory or in using existing data to develop a new hypothesis based on those observations, econometrics can be subdivided into two major categories: theoretical and applied. Those who routinely engage in this practice are commonly known as econometricians.

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