ABSTRACT
In the present world, research in economics, finance, management, marketing, and related disciplines is becoming increasingly quantitative. So, the beginning students in these fields are encouraged to take a course or two in econometrics. This chapter focuses on the overview and importance of econometrics. The concept of Econometrics revolves around measuring or quantifying the things in economics such as economies, economic systems, markets and so forth by employing both mathematical theory and statistical techniques. Mathematical economics formulates or express economic theory in mathematical terms or form and uses the methods of mathematics to derive economic relationships from certain basic assumptions or axioms. Statistical economics mainly aims at collecting, processing, analyzing and presenting economic data in the form of charts, diagrams and tables and thus, reflects the statistician’s job.
