What term describes a consistently observed relationship between two events or variables?

The term that describes a consistently observed relationship between two events or variables is correlation. Correlation specifically refers to a statistical measure that expresses the extent to which two variables change together, providing insights into the direction and strength of their relationship.

When variables are correlated, it means that as one variable changes, there is a predictable change in the other variable, allowing for a systematic understanding of their interaction. This concept is fundamental in economics, as it helps in analyzing trends, making forecasts, and establishing cause-and-effect relationships in economic data.

The other terms, while related to the idea of relationships, do not carry the same specific statistical connotation as correlation. For instance, association may imply a relationship, but it does not ensure a consistent, measurable interaction as correlation does. Connection can be more casual and less defined, while interaction often implies mutual influence between variables but does not inherently signify a consistent relationship. Therefore, correlation precisely captures the essence of a consistent relationship between two variables.