Econometrics Vocabulary

noun a statistical technique used to determine the relationship between two or more variables

• The researchers conducted a regression analysis to determine the relationship between variables.
• I heard that the boss is expecting a regression report by the end of the week.
• I'm not looking forward to the regression meeting tomorrow, it's always so boring.
• As we progress in our project, we must be careful not to let regression set in and hinder our success.

noun a graphical representation of the correlation between two variables in a time series

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• The correlogram is a graphical representation of the correlation between two variables.
• I used a correlogram to see if there was a relationship between the temperature and ice cream sales.
• Check out this cool correlogram showing the connection between study time and grades.
• The correlogram painted a clear picture of how closely linked the two factors were.

noun a word that refers to a person, place, thing, event, substance, or quality

adjective a word that describes or gives more information about a noun

preposition a word that shows the relationship between a noun (or pronoun) and other words in a sentence

article a word that is used to indicate whether a noun is specific or unspecific

• The law of large numbers, a fundamental concept in probability theory, states that as the number of trials increases, the experimental probability of an event approaches the theoretical probability.
• So basically, the law of large numbers says that the more times you try something, the closer your results will get to the expected outcome.
• The law of large numbers is like saying the more you do something, the more likely you are to get the result you're aiming for.
• In life, the law of large numbers is like saying the more chances you take, the higher your chances of success become.