tables and graphs
A table contains data about
two or more variables, one of them is independent and other are dependent.
graph is a visual presentation of the behavior of a variable over time (a time
series graph) or of the relationship between two variables.
As example the table below
present the relationship of a single variable has been presented at various
time.
Table 1-1
Interest rate(2001-2007)
|
year |
Interest rate |
|
2001 |
12% |
|
2002 |
8% |
|
2003 |
9% |
|
2004 |
6% |
|
2005 |
4% |
|
2006 |
5% |
|
2007 |
3% |
Questions:
1. Give the
definition of economics?
2. List the
main branches of economics?
3. Defined Microeconomics?
4. Defined Macroeconomics?
5. Give
assumption table contains two variables and draw graph that explain the
behavior of this variables?
6. Tranonomic analysis
A key assumption for economic analysis is that individuals, could be a
person, a family or a firm, tend to make choices and select alternatives
rationally, that they believe in their best interest. By rational,
economists mean simply that people try to make the best choice they can, given
the available information and resource.
Uncertainty people do not know what will turn out to be the most
self-benefiting, so they simply select the alternatives that they expect to
yield them the most satisfaction and happiness or the ones with the highest
possibility to achieve it. In general,
rational self-interest means that given a certain condition, individuals try to
minimize the expected cost for a benefit or maximize the expected benefit with
a cost
.