ECONOMETRICS |
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Econometrics literally means 'economic measurement'. It is a combination of mathematical economics, statistics, economic statistics and economic theory.
The two main purposes of econometrics are to give empirical content to economic theory and also to empirically verify economic theory. For example, econometrics could empirically verify if indeed a given demand curve slopes downward as economic theory would suggest. Empirical content is also given in that a numerical value would be given to this slope, while economic theory alone is usually mute on actual specific values.
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ERGONOMICS |
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Ergonomics (or human factors) is the scientific discipline concerned with the understanding of interactions among humans and other elements of a system, and the profession that applies theory, principles, data, and methods to design in order to optimize human well-being and overall system performance (definition adopted by the International Ergonomics Association in 2000).
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