SS1: ECONOMICS - 1ST TERM
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Introduction to Economics | Week 13 Topics|1 Quiz
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Basic Concept of Economics | Week 24 Topics|1 Quiz
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Basic Tools for Economic Analysis | Week 38 Topics|1 Quiz
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Measure of Central Tendency | Week 44 Topics|1 Quiz
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Theory of Demand & Supply I | Week 55 Topics|1 Quiz
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Theory of Demand & Supply II | Week 67 Topics|1 Quiz
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Theory of Production I | Week 77 Topics|1 Quiz
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Theory of Production II | Week 84 Topics|1 Quiz
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Basic Economic Problems of the Society | Week 91 Topic|1 Quiz
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Economic System | Week 104 Topics|1 Quiz
Graphs
Topic Content:
- Meaning of graph
- Features and Guidelines on How to Draw Graphs:
A graph shows the statistical relationship between two or more variables. It represents data in a distribution. We have the dependent and the independent variables.
The dependent variables refer to interest variables, that is, price, values, etc, while the independent variables refer to the factor variable, which includes weight, quantity, years, distance, etc. Also, graphs are drawn to scale, and such scales must indicate the unit of measurement.
Features and Guidelines on How to Draw Graphs:
1. Graph must have a clear and comprehensive title.
2. The source of information must be written at the bottom of the graph.
3. The graph must be clear, and not overcrowded with too many curves, and must be properly labelled.
4. The graph should have a footnote which shows the source of data used.
5. The axis lines and bars must be properly labelled.
6. The graphs should be numbered for quick identification.
7. Indicate the point of intersection or point of origin.
From the table given the price of biscuits and quantity bought per week at various different prices is shown
Price of Biscuits: | Quantity Sold: |
80 | 200 |
120 | 180 |
160 | 160 |
200 | 140 |
240 | 120 |
280 | 100 |
320 | 80 |
A graph can be used to illustrate the table above. Let the y-axis represent the price while the x-axis represents the quantity sold.
