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SS1: ECONOMICS - 1ST TERM

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  1. Introduction to Economics | Week 1
    3 Topics
    |
    1 Quiz
  2. Basic Concept of Economics | Week 2
    4 Topics
    |
    1 Quiz
  3. Basic Tools for Economic Analysis | Week 3
    8 Topics
    |
    1 Quiz
  4. Measure of Central Tendency | Week 4
    4 Topics
    |
    1 Quiz
  5. Theory of Demand & Supply I | Week 5
    5 Topics
    |
    1 Quiz
  6. Theory of Demand & Supply II | Week 6
    7 Topics
    |
    1 Quiz
  7. Theory of Production I | Week 7
    7 Topics
    |
    1 Quiz
  8. Theory of Production II | Week 8
    4 Topics
    |
    1 Quiz
  9. Basic Economic Problems of the Society | Week 9
    1 Topic
    |
    1 Quiz
  10. Economic System | Week 10
    4 Topics
    |
    1 Quiz
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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:
80200
120180
160160
200140
240120
280100
32080

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.    

   

graph

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