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WEEK 3
BASIC TOOLS FOR ECONOMIC ANALYSIS
Content
- Graphs, Charts and Tables
- Measures of Central Tendency
Sub-topic One: Graphs, Charts and Tables
Introduction
Economic relationship can be expressed in two major ways. These are:
- 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”
- 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 examples, the quantity of a commodity depends on its price. This can be expressed using functional relationships in mathematics:
Qd = f(Pm)
Where is quantity demanded of commodity m
Pm is 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. We shall treat these entire one after the other.
- Geometric expression: This involves the use of charts and graphs.
- Arithmetic expression: This involves the use of table etc.
Tables
A table is an orderly arrangement of data in rows and column.
Advantages of Tables
- It presents data in an orderly manner.
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