Class notes
Class notes ECON101
- Course
- ECON101
- Institution
- University Of British Columbia (UBC )
best notes on textbook for econ101 to help ace midterm
[Show more]
Seller
Follow
Content preview
Graphing Data● Graph represents a quantity as a distance on a line
Axis - two lines that are perpendicular to each other
● Vertical line is y-axis
● Horizontal line is x-ais
● Each axis has a zero point
Origin - points where axis intersect (axis zero point)
● To make a two-variable graph we need 2 pieces of info: value of variable x and
value of variable y
Coordinates - two number lines that run perpendicular to one another
● X-coordinate is the length that’s the same value marked off on the x-axis
● Y-coordinate is the length that’s the same value marked off the y-axis
Scatter diagram - graph that plots value of one variable against the value of another
variable for a number of different values of each variable
● Reveals whether a relationship exists between two variables and describes their
relationship
Break
● Indicate that there are jumps from the origin, 0, to the first values recorded
● Able to bring the relationship into view
● Putting a break in one or both axes magnifies the relationship fills the graph
● Can be used to make a graph that lies and mislead
Correlation and Causation
● High correlation present - predict value of one variable from the value of other
variable
● But correlation doesn’t imply causation
● Sometimes a high correlation arises from a casual relationship
● High correlation can mean that two variables have a common cause
Graph Used in Economic Models
Economic Model - stripped-down, simplified description of any economy or of a
component an economy such as a business or a household
● Consists of statements about economic behaviour that can be expressed as
equations or as curves in a graph
● Patterns to look for in graphs are the four cases: variables move in same
direction, variables move in opposite directions, variables have a max or min,
variables are unrelated
Variables that Move in Same Direction
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller astridsaun. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for CA$46.95. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53022 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now