ECON topic 2- EXAM#1 Flashcards Preview

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Flashcards in ECON topic 2- EXAM#1 Deck (12):
1

what type of chart best shows income distribution?

pie chart

2

what type of chart best shows income per person?

bar graph

3

what type of graph shows how a single variable changes over time?

time-series graph

4

what type of graph is constructed by drawing two perpendicular lines (vertical and horizontal)

a Cartesian coordinate system

5

what graph best shows a direct relationship correlation? (cause and effect)

the coordinate system

6

a continuous string of points, or sets of values on the Cartesian plane

a line

7

the cause and effect relationship is what

inverse

8

slope formula

y2-y1/x2-x1

9

positive slope (upward sloping line)

both x and y increase

10

negative slope (downward sloping line)

when x increases y decreases
when y increases x decreases

11

what builds the demand curve

price

12

what shifts the demand curve

income