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Seven-year old Pat does not like to eat broccoli and does not like to clean his room. Pat's mother tells him that if he eats all his broccoli at dinner tonight then he will not have to clean his room tonight. In her effort to have Pat eat broccoli, Pat's mother is attempting to apply the process of:
Econometrics
The application of statistical and mathematical models to analyze economic data and test hypotheses.
Empirical Economics
The branch of economics that analyzes data to develop verifiable theories or evaluate economic policies.
Economic History
The study of economies or economic phenomena in the past.
Aggregate Price Level
A measure of the overall level of prices of goods and services in an economy over a specified period, often used as an indicator of inflation.
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