Basic Tools of Economic Analysis

What students will learn

• Define economic analysis and identify its importance in decision making.
• Describe the nature and purpose of tables, charts, and graphs in presenting economic data.
• Explain the use of simple mathematical equations in representing economic relationships.
• Interpret basic economic data presented in tabular and graphical formats.
• Calculate simple arithmetic mean and percentages as basic statistical tools.

Sample quiz questions

1. Which of these is primarily used to represent economic data in rows and columns?

   • A. Graph
   • B. Table
   • C. Equation
   • D. Pie Chart

2. What is the primary purpose of a graph in economic analysis?

   • A. To summarize data in text
   • B. To perform complex algebra
   • C. To show the relationship between two variables
   • D. To act as a secondary source

Answers and explanations come with the full quiz when you sign up.