Econ : What is it?
Econ is short for economics. Economists use the word econ as a shorthanded way of saying economics. When going to an economics class, you might say that you are studying econ.
What is Economics?
Many people aren't sure what economics is. Economics is really the study of business in a scientific way. Economists use statistical models to study the economy and business. These models are called econometric models.
Economics also has a lot to do with predictions of behavior. For example, interest rates, savings rates, and leading and lagging economic indicators help predict consumer behavior. A good economist will understand economic indicators and use them to help the government or a firm make good decisions. The role or prediction is so difficult that most economists have a hard time doing it well. However, there are a few, like Warren Buffet, that are extremely wealthy from understanding these indicators.
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