Graphs Used in Economics
- (Stanford University - Alvin Wei-Cheng Wong)
- Overview
Graphs in economics are used to show relationships, data sets, and changes. Some common chart types used in economics include:
- Line chart: Shows the relationship between two variables, one on the horizontal axis and the other on the vertical axis. Line charts are often used to show the relationship between two variables that are both changing.
- Pie Chart: Shows how a whole is divided into parts. The slices of a pie chart show the relative sizes of subgroups.
- Bar chart: Makes it easier to compare parts of one pie chart to another.
- Demand curve: Shows the quantity of a good that consumers are willing to buy at each market price.
- Scatter plot: Shows the value of one variable compared to the value of another variable.
- Production possibilities curve: Shows all the different combinations of output that can be produced given current resources and technology.
- Beveridge Curve: Shows the relationship between unemployment rate and job vacancy rate in an economy.
Other examples of economic charts include product market charts, land market charts, and capital market charts
[More to come ...]
