GRAPHS IN ECONOMICS — Economics STD 12 Commerce — Question
Gujarat BoardEnglish MediumSTD 12 CommerceEconomicsGRAPHS IN ECONOMICS2 Marks
Question
For which difficult to understand economic principles diagrams and graphs are a boon?
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Answer
Diagrams and graphs help to understand various difficult principles of economics easily.
Example:
The concepts of expansion and contraction of demand and supply, price elasticity of demand and supply, etc. can be easily understood by pictures.
Trends of macroeconomic parameters can be clarified through time-series graphs.
For example, the short-run and long-run irregular fluctuations in agriculture or the regular fluctuations in some industry are calculated by the method of time series and their trends are presented by way of time-series graphs.
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