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Economics : An Introduction — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsEconomics : An Introduction3 Marks
Question
What care should ne taken while plotting statistical information in to the graph?
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Answer

    • The base of principles, conclusions or suggestions are the source statistical information and it will be represent through diagram or graph.
    • To represent the statistical information effectively following matters should be taken in to consideration.
    • Reliable Source:
    • To economic principles or conclusions are made on the reliable basis and generally known to all.
    • To specify the things which source is used should be mentioned.
    • E.g. To show the economic condition or status, Central Statistical Organisation $(CSO)$, National Sample Survey or Data of World Bank are consider more reliable source in India.
    • Independent and dependent variable:
    • To represent the two or more variable on graph independent variable on horizontal axis $(X-$axis$)$ and dependent variable an vertical axis $(Y-$axis$)$ should be plotted.
    • E.g.: Country, year, rain are independent variable, should be plotted on $‘X’$ axis, while production, import, economic development are dependent variable should be plotted an $‘Y’$ axis.
    • But should be noted that in the law of demand now a days it’s trend to show the Price of causeful factor on $‘Y’$ axis and dependent factor on $’X’$ axis.
    • Selection of Scale-measurement :
    • To show the figures appropriately, scale measure must be appropriate.
    • Graph should not be too large or too small.
    • E.g. If matters are related to time then the interval of $10$ years can be use.
    • The measure use at once should be maintains throughout the study.
    • E.g. : One inch. $= 10$ year, then to show the gap of $10$ years measure of one inch should be maintain.
    • Others:
    • If variable at $Y$ axis are represented through numbers or percentage, then it is more convenient for the comparison of the analysis.
    • For the same kind of information graph or chart is more suitable.
    • Where as for the comparative analysis grouped multiple bar graph are used more.

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