language of graph
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1) The document discusses the use of graphs in economics to analyze relationships between variables like price and quantity. 2) It notes that Ibn Khaldun is considered one of the fathers of economics and was the first to conceptualize using graphs, drawing the concept from sand watches. 3) The key components of graphs in economics are defined, including price and quantity lines to show how each variable changes, as well as demand and supply curves and how they shift to indicate changes in market equilibrium.
language of graph
- 3. ECONOMICS E = Economy C = Consumer O = Organizing N = Neutral O = Objectivity M = Measurement I = Investigation C = Capability S = Scarce
- 4. 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 Dewett Pg:08
- 5. 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
- 6. 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
- 7. FROM WHAT HE GAVE CONCEPT OF GRAPHS IN ECONOMICS? IBN KHALDUN draw concept of Graphs from Sand Watch and gave philosophy in Economics.
- 8. WHAT IS A LINE? Lines are Fixed and not Flexible. We cannot make lines always as per Data.
- 9. PRICE LINE This Vertical Line is called PRICE LINE in Economics. It represent Price or any kind of Financial Value
- 10. RISE & FALL IN PRICE LINE Arrow going Upwards show Rise in price. Arrow going Downwards show Falls in Price
- 11. QUANTITY LINE This Horizontal Line in Economics is Called Quantity Line. It represent Quantity and any kind of Volume.
- 12. RISE & FALL IN QUANTITY Arrow going right side shows Rise in Quantity . Arrow going Left side show Falls in Quantity.
- 13. DEMAND LINE Demand Line Shows the change in Demand and its effects on Quantity and Price.
- 14. DOWNWARD CHANGE IN DEMAND LINE When there is Downward Change in Demand line Quantity Increases and Price Decreases.
- 15. UPWARD CHANGE IN DEMAND LINE When there is Upward Change in Demand Line Quantity Reduce and Price Increase.
- 16. SUPPLY LINE Supply Line shows the Change in Supply and its Effects on Price
- 17. DOWNWARD CHANGE IN SUPPLY LINE When there is Downward Change Supply increases and Price decreases.
- 18. UPWARD CHANGE IN SUPPLY LINE When there is Upward Change Supply decreases and Price increases.
- 19. CURVES Curves are also Language of Graphs. Curves are made on Angles. Curves give us more Flexibility to Present Data.
- 20. UPWARD CHANGE IN DEMAND CURVE In Upward Change Quantity Increases and Price Decreases.
- 21. DOWNWARD CHANGE IN DEMAND CURVE In Downward Change Quantity Increases and Price Decreases.
- 22. UPWARD CHANGE IN SUPPLY CURVE When there is Upward Change Supply Decrease and Price Increase
- 23. DOWNWARD CHANGE IN SUPPLY CURVE When there is Downward Change Supply Increase Price Decrease.
- 25. EQUILIBRIUM A 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.
- 26. DEMAND SHIFT
- 27. SUPPLY SHIFT
- 28. DEMAND & SUPPLY SCHEDULE