1. WHATIN ECONOMETRICS? ● Definition (1) Econometrics: economic measurement (2) Econometrics: the social science in which the tools of economic theory, mathematics, and statistical inference are applied to the analysis of economic phenomena (3) Econometrics: the result of a certain outlook on the role of economics, consists of the application of mathematical statistics to economic data to lend empirical support to the models constructed by mathematical economics and to obtain numerical results1.1 WHAT IS ECONOMETRICS? Definition （1）Econometrics: economic measurement. （2）Econometrics: the social science in which the tools of economic theory, mathematics, and statistical inference are applied to the analysis of economic phenomena. （3）Econometrics: the result of a certain outlook on the role of economics, consists of the application of mathematical statistics to economic data to lend empirical support to the models constructed by mathematical economics and to obtain numerical results