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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