BASIC TOOLS FOR ECONOMIC ANALYSIS

BASIC TOOLS FOR ECONOMIC ANALYSIS

BASIC TOOLS FOR ECONOMIC ANALYSIS


There are some basic economic tools which you can use to tackle economic problem which are:


*Pictogram/Pictograph


A pictogram is said to be a chart that represent data in picture form. A pictogram is like a bar chat but in a diagramed form showing the numbers of things in it.

 

*Bar chat


A bar chat can be defined as a data with a rectangular bars which can be plot vertically or horizontally proportional to the area they represent.


There are two major  types of bar chart and they are: 


1. component bar chat

 2. multiple bar charts

 

1. Component bar chat is a rectangular shape chat that usually has the shaded and non shaded side in representation of  quantity.

 

2. Multiple bar charts can be defined as a conjoined rectangular chart which represents multiple information for a single variable.

 

*PIE CHART

Can be defined as a way of representing information or data in a circular form which shows the total quantity in the circle

 

Other basic economic tools classification  includes: 



Table, charts, graphs, mean, median mode and others. 


Read  Basic economic problems 


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