Graphs

Question 1

Media sources?

Answer 1

Print media- newspapers
radio
television,
multimedia- websites , video games

Question 2

What are Graphs in economics

Answer 2

Are illustrations that show the relationship between economic variables

Question 3

How does graphs help us

Answer 3

Forecast trends,
display information,
analyze and interpret data
Present economic relationships

Question 4

Limitations of a graph

Answer 4

Incorrect labeling

Discontinuous measurement

Missing or improper title

Inconsistency in scaling

Question 5

Types of graphs

Answer 5

Linear graph,

time series graph

Pie chart or circle graph - Way of showing breakdown of items expressed in dollar value or percentage

Bar graph – usually compare differences between things at one point in time

Question 6

Types of slopes of a straight line graph

Answer 6

Negative slope (inverse)
positive slope ( direct relationship)
Infinite slope ( vertical)
zero slope ( horizontal)

Question 7

Definition of the four different types of slopes

Answer 7

Positive or direct relationship – increase in one variable lead to increase in another variable example supply curve

Negative or inverse relationship – increase in one variable will lead to the decrease in the other example demand curve

Dependent variable – variable that changes because of a change in another variable example consumption expense is dependent on the level of income

Independent variable – the variable that causes changes in the dependent variable