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ECON 539 Economic Statistics (3 Credits)

This course aims to introduce students to the theory of statistics building upon previous knowledge they have gained through previous mathematics courses and furnishing them with the fundamentals to accomplish more advanced work. Modern economists are required to operate in the global environment and are expected to possess various skills in economic analysis and forecasts in the private and public sectors. This course consists of two parts. The first part concentrates on theoretical concepts and their practical applications. The second part focuses on topics that economic statisticians or economists regularly encounter in their routine work. This course aims to provide students with the fundamental skills they need as they aim to be global economists.

Learning Outcomes:

  • Summarize and interpret fundamental characteristics of simple data sets.
  • Select and apply basic statistical methods practical scenarios.
  • Use and evaluate a regression model between the response variable and a set of explanatory variables, and predict the response variable using the model.
  • Apply econometric methods to differentiate between competing theories.
  • Discuss the formulation of comparative statistics and optimization problems through the use of matrix algebra and calculus.
  • Explain how to formally represent economic relationships using statistical, mathematical and graphical tools and generate meaningful verbal interpretations of these representations
  • Perform empirical analysis of economic relationships using basic regression techniques and implementing analysis by means of statistical software.