Diagrams and Graphs in Economics

This set of flashcards covers key concepts related to diagrams and graphs in economics, their importance, various types, and the use of technology in representing economic data.

What is the primary purpose of a diagram in statistics and economics?

To represent observable data in a self-explanatory manner without requiring detailed statistical knowledge.

What type of data is a graph used to represent?

Graph is used for continuous frequency distribution and complex statistical information that is not self-explanatory.

Which educational aids are used to clarify complex economic principles?

Diagrams and graphs are used to simplify complex economic concepts such as demand and supply.

What should be included with diagrams and graphs to enhance their reliability?

A data table and source of the data from which the diagram or graph is created.

What is a time-based line diagram commonly used for in economics?

To represent trends of economic variables over different time periods.

What is a clustered bar diagram?

A bar diagram that displays values of a common variable for more than one section of related parameters.

How are sub-divisions represented in a pie diagram?

Sub-divisions are represented by dividing the circle in degrees proportional to the value of each division of data.

What is essential to calculate when drawing a pie diagram?

The degrees for sub-divisions must total 360° to represent the entire circle.

What constitutes a time-series graph in economics?

A graph that depicts changes over time in economic activities or variables.

What technological tools are commonly used in the study of economics?

Computer technology for presentations, Excel for data processing, and specific statistical software for analysis.

What caution is advised when using computer technology in studying economics?

Computer is an aid and should not replace textbooks or the study process itself.

What is a common issue with internet sources in education?

Substandard, irrelevant, or misleading information can be prevalent, requiring critical evaluation of sources.

What types of data can be found on CDs sold by research agencies?

Data related to macroeconomic indicators, including national income accounts, census data, and more.

What are the types of diagrams mentioned in the lecture?

Pictograms, line diagrams, bar diagrams, cluster bar diagrams, divided bar diagrams, and pie diagrams.

What should the choice of a diagram or graph depend on?

The type of data and the objective of the analysis.

What purpose do colours or shades serve in diagrams and graphs?

To denote different components of a diagram or graph for clarity.