Tools for Economic Analysis

Economic analysis is the process of breaking down a complex economic phenomenon in order to study its parts and their relations.

Economic analysis is the separation of a complex economic phenomenon into its component parts in order to understand them better.

Economic analysis is a work that requires studying a public problem, decision, policy or situation by organizing the data into categories or elements and then relating them to one another.

There are different tools employed in economic analysis. They are tables, graphs, charts, histograms, mean, mode, median and range.

This book clearly explains the tables. It shows you how to construct a table. It throws light on the importance of tables to economic analysis.

It analyzes the graphs. It explains the different types of graph. It teaches you how to draw different graphs. It throws light on the importance of graphs to economic analysis.

It appraises the charts. It examines the types of chart like the simple bar chart, component bar chart, multiple bar chart and pie chart. It teaches you how to construct different charts. It sheds light on the importance of charts to economic analysis.

It evaluates the mean and mode. It simplifies the calculations of mean and mode. It casts light on the merits and demerits of mean and mode in economic analysis.

And it explores the median and range. It simplifies the calculations of median and range. It highlights the credit and debit sides of median and range in economic analysis.

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