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.
