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Econometrics is a department of economics that applies statistical as well as a mathematical approaches and versions to analyze economic from this source knowledge. It employs observations and theories to carry out quantitative Investigation of an financial phenomenon.
Statistics might be categorised into two main classes depending on availability of information. The two categories incorporate qualitative information, and quantitative information. In qualitative data analysis, data is delivered in the form of all-natural language description, instead of by means of quantities.
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