Class Notes (839,118)
Canada (511,196)
York University (35,583)
Economics (1,721)
ECON 1000 (466)
Lecture

economics.docx chapter 1

2 Pages
82 Views

Department
Economics
Course Code
ECON 1000
Professor
Zbigniew Stachniak

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Description
A scatter diagram plots the value of one variable against the value of another variable for a number of different values of each variable. It reveals whether a relationship exists between the two variables. The patterns to look for in graphs are the four cases in which Variables move in the same direction – positive relationship/direct relationship. A relationship shown by a straight line is called a linear relationship. Variables move in opposite directions – negative relationship/inverse relationship. Variables have a maximum or a minimum. Variables are unrelated. When a relationship involves more than two variables, we can plot the relationship between two of the variables by holding other variables constant—by using ceteris paribus “if all other relevant things remain the same.” Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with sca
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