ECON topic 2- EXAM#1 Flashcards
what type of chart best shows income distribution?
pie chart
what type of chart best shows income per person?
bar graph
what type of graph shows how a single variable changes over time?
time-series graph
what type of graph is constructed by drawing two perpendicular lines (vertical and horizontal)
a Cartesian coordinate system
what graph best shows a direct relationship correlation? (cause and effect)
the coordinate system
a continuous string of points, or sets of values on the Cartesian plane
a line
the cause and effect relationship is what
inverse
slope formula
y2-y1/x2-x1
positive slope (upward sloping line)
both x and y increase
negative slope (downward sloping line)
when x increases y decreases
when y increases x decreases
what builds the demand curve
price
what shifts the demand curve
income
