Upload
annajab
View
333
Download
4
Tags:
Embed Size (px)
DESCRIPTION
Citation preview
ECONOMICSE = EconomyC = ConsumerO = OrganizingN = NeutralO = ObjectivityM = Measurement I = InvestigationC = CapabilityS = Scarce
DEFINITION OF “ECONOMICS”
“The science which studies Human Behavior as a relationship between Ends
and Scarce means which have Alternative Uses”
(Lionel Robbins)Modern Economic Theory
K.K DewettPg:08
GRAPH ANALYSIS
“It is a Diagram showing how Two Variables are related to one another.
Graphs are the Language of Economics”The language of Graphs are lines and
curves.
(Paul Samuelson)Economics
Pg:18
WHO GAVE THE CONCEPT OF
GRAPHS ? IBN KHALDUN was a Muslim
Historiographer who is often viewed as one of the Fathers of Modern Historiography, Sociology and
Economics.He is best known for his Muqaddimah (known as Prolegomenon in English)
Wikipedia
FROM WHAT HE GAVE CONCEPT OF GRAPHS
IN ECONOMICS?
IBN KHALDUN draw concept of Graphs from Sand Watch and
gave philosophy in Economics.
PRICE LINE
This Vertical Line is called PRICE LINE in Economics.
It represent Price or any kind of Financial Value
RISE & FALL IN PRICE LINE
Arrow going Upwards show Rise in price.Arrow going Downwards show Falls in
Price
QUANTITY LINE
This Horizontal Line in Economics is Called “Quantity Line”. It represent Quantity and
any kind of Volume.
RISE & FALL IN QUANTITY
Arrow going right side shows Rise in Quantity .
Arrow going Left side show Falls in Quantity.
DOWNWARD CHANGE IN
“DEMAND LINE”
When there is Downward Change in Demand line Quantity
Increases and Price Decreases.
UPWARD CHANGE IN “DEMAND LINE”When there is Upward Change in Demand Line Quantity Reduce and Price Increase.
DOWNWARD CHANGE IN “SUPPLY LINE”
When there is Downward Change Supply increases and Price
decreases.
CURVESCurves are also Language of Graphs. Curves are made on Angles. Curves give us more Flexibility to Present Data.
EQUILIBRIUMA situation in which the supply of an item is exactly equal to its demand. Since there is
neither surplus nor shortage in the market, price tends to remain stable in this situation.