Economic Analysis pertains to the systematic study and understanding of trends, phenomena, and information that are economic in nature, aimed to decipher how economies function and to predict future economic conditions.
Prediction refers to the foretelling of a future event, often as a probabilistic estimate based on various estimation methods, including analysis of past patterns and statistical projections of current data.
Regression analysis is a statistical technique used to establish the relationship between a dependent variable and one or more independent variables. It is widely used in various fields to predict future values and measure the significance of different factors.
A self-fulfilling prophecy is a prediction that causes itself to become true due to the behavior it inspires in people. For instance, believing that a political candidate will win an election may encourage enough people to vote, thus enabling the candidate's victory.
Statistical inference is the process of drawing conclusions about population properties based on a sample of the data. It involves using statistical methods to estimate population parameters, test hypotheses, and make predictions or generalizations.
