Economics SSS1 First Term

WEEK 2

Basic Tools of Economic – Graph, Charts and Tables

Performance Objectives

Student should be able to:

1. Define basic economics tools, state their uses and importance.
2. Construct a frequency distribution.
3. Calculate the mean, median and mode of any given set of data.

Content

Basic tools are required for proper analysis of economic problems. Some of these basic tools used for economic analysis are; tables, graphs, charts, mode, median, mean and standard deviation.

Tables

A table may be defined as a systematic and orderly arrangement of information or data using rows and columns for presentation, which makes it easier for better understanding.

Example of a table

Let us consider the table 2.1. Its represents the number of mobile phones demanded in a country related to their price.

View More Subscribe now to gain full access to this lesson note Take Me There Click here to gain access to the full notes. Subject Scheme & Timeline: Meaning of Economics and Related Concepts. Basic Tools of Economic – Graph, Charts and Tables Basic Tools of Economic – Measures of Central Tendencies Concepts of Demand and Supply – Price System, Demand, Schedule, Curves and Laws. Concepts of demand and supply – Determinants of equilibrium price, quantity and point Economics SSS1 First Term Mid-Term Assessment - Test Theory of production - Production Theory of Production – Division of Labour Theory of production - Scale of production Economic system – Capitalism Economic system – Socialism, Mixed Economy Basic economic problems of society Economics SSS1 First Term Final Assessment - Test Concepts of demand and supply – Supply, schedules and Laws Chapters 14 Category SSS1 Author ClassNotes Edu Bulk Purchase For Schools & Teachers Discounted Price For Schools and Teacher who want to subscribe to all of the subjects, a class or term at a discounted price. Order Now Custom Bundle Create Your Bundle Discounted Price Need many subjects? Waste no time. Select many subjects together in one subscription at a discounted price. Create Bundle