Geospatial Econometrics is a field that combines geographic information systems (GIS) with econometric analysis to study economic phenomena in relation to their spatial context. It helps researchers understand how location affects economic activities, such as income distribution, property values, and regional development. By incorporating spatial data, Geospatial Econometrics allows for more accurate modeling of economic relationships. This approach can reveal patterns and trends that traditional econometric methods might overlook, making it valuable for policymakers and urban planners aiming to make informed decisions based on spatial economic dynamics.