National open university of nigeria introduction to econometrics I eco 355

MODULE ONE
:
ECONOMETRICS ANALYSIS 
 
Unit One: Meaning of Econometrics 
Unit Two: Methodology of Econometrics 
Unit Three: Computer and Econometrics 
Unit Four: Basic Econometrics Models: Linear Regression 
Unit Five: Importance of Econometrics 
 
Unit One: Meaning of Econometrics 
CONTENTS 
1.0
Introduction 
2.0
Objectives 
3.0
Main content 
3.1
Definition/Meaning of Econometrics 
3.2
Why is Econometrics a Separate Discipline 
4.0 
Conclusion 
5.0 
Summary 
6.0 
Tutor-Marked Assignment 
7.0
References/Further Readings 
 
1.0
 
INTRODUCION 
 
The study of econometrics has become an essential part of every undergraduate course in 
economics, and it is not an exaggeration to say that it is also an essential part of every 
economist‘s training. This is because the importance of applied economics is constantly 
increasing and the ability to quantity and evaluates economic theories and hypotheses 
constitutes now, more than ever, a bare necessity. Theoretical economies may suggest 
that there is a relationship between two or more variables, but applied economics 
demands both evidence that this relationship is a real one, observed in everyday life and 
quantification of the relationship, between the variable relationship using actual data is 
known as econometrics. 
2.0
 
OBJECTIVES 
 
At the end of this unit, you should be able to: 

understand the basic fundamentals of Econometrics 

distinguish between Econometrics and Statistics. 
 

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