Econometrics / Module 3: Variables

Students need to learn:

Errors in Variables

Time as a Variable

Lagged Variables

Distributed Lag and Dynamic Models

Dummy Variable Model - Meaning, Importance

Dummy Variable Trap

ANOVA

ANCOVA Models

Factors of Production and their Rewards

Type Definition Reward Land Labour Capital Enterprise All natural resources The physical and mental works of people All man made tools and machines All managers and organizers Rent Salary/Wage Interest Profit/Loss

Factors Affecting Geographical Mobility of Labour

Geographical Mobility of Labour refers to the movement of workers from one place to another place. It depends upon; · cost of housing · cost of relocation · availability of social amenities · family ties etc

Factors Affecting Occupational Mobility of Labour

Occupational Mobility of Labour refers to the movement of workers from one occupation to another occupation. It depends upon; · the facilities for training and retraining · wage differentials · job security · future prospects · fringe benefits etc

EconoMaldives

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