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1
Topic 1(b)
Working with graphs
The economics toolkit
z
Tables (schedules) – summarising data
z
Graphs – plotting data
z
Functions – summarising data with algebra
z
Words – defining relations between
variables
Every field of study has its own
terminology
Mathematics
axioms
integrals
vector spaces
Psychology
ego
id
cognitive
dissonance
Law
torts
venues
promissory
estoppel
Every field of study has its own
terminology
Economics
supply
demand
elasticity
consumer
surplus
comparative
advantage
opportunity
cost
deadweight
loss
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The basics of graph construction
z
origin
z
the horizontal axis
z
the vertical axis
z
a functional relationship
z
positive relationship
z
negative relationship
z
dependent variable
z
independent variable
b
y
20
15
10
5
0
Vertical axis
Origin
5
10
15
20
x
Horizontal axis
a
The basics of a graph
Schedule relating distance travelled to
hours driven
250
5
e
200
4
d
150
3
c
100
2
b
50
1
a
Distance travelled
per day (km)
Hours driven per day
1
2
3
4
5
Hours driven per day
250
200
150
100
50
0
a
b
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 Three '08
 JaneGoley
 Economics, Microeconomics

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