BASIC TOOLS OF ECONOMIC ANALYSIS

CONTENT

  1. Introduction to Graphs, Charts and Tables
  2. Tables
  3. Graphs
  4. Charts

 

Introduction to Graphs, Charts and Tables

Economic relationship can be expressed in two major ways. These are:

(i) Verbal statement: This is the expression of economic relationship in statement. For example, one could say “the number of bag of rice demanded depends on its price”

(ii) Mathematical expressions: Mathematical expressions are used to explain verbal statements in economics in order to make concise and accurate predictions. It can be explained below:

A. Symbolical Statement: This is the use of algebraic expressions to express functional relationships. For example, the quantity of a commodity depends on its price. This can be expressed using functional relationships in mathematics.

\({Q_d = f(p)_m}\)

Where Q is quantity demanded of commodity m

Pis the price of commodity m

B. Statistical Tools (Geometric expression and Arithmetical expression): These are tools like tables, graphs and charts which are used to illustrate a body of data in economics.

Lesson tags: Economics Lesson Notes, Economics Objective Questions, SS1 Economics, SS1 Economics Evaluation Questions, SS1 Economics Evaluation Questions First Term, SS1 Economics First Term, SS1 Economics Objective Questions, SS1 Economics Objective Questions First Term
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