Google
Friday 
October 22, 2021 

AmosWEB means Economics with a Touch of Whimsy!

AmosWEBWEB*pediaGLOSS*aramaECON*worldCLASS*portalQUIZ*tasticPED GuideXtra CrediteTutorA*PLS
LINE GRAPH: A graph containing one or more lines or curves that are used to represent relations between two (or more) variables. A line graph is a useful method of illustrating scientific principles and hypotheses important for the economic analysis.

Visit the GLOSS*arama


ECONOMIC ANALYSIS:

The process of investigating economic phenomena in a systematic manner. In one sense, this is the heart and soul of the economic discipline. While economists spend an ample time identifying economic concepts, the end result of this discovery process is usually aimed at combining these concepts in such a way as to evaluate or analyze alternative consequences.
For example, economists seek to understand the notions of demand and supply. But this is not the end result of their analytical quest. They are more interested in analyzing how a change in buyers' income, as a demand determinant, affects the demand for a good like gasoline and subsequently its price. Or how technological improvements, as a supply determinant, affects the supply of a good like computers and subsequently the quantity sold.

One important aspect of economic analysis is that it is typically performed "at the margin," meaning that economists are usually more concerned with small, incremental changes than with overall totals. For example, economists are more interested in how many additional computers are sold because of the technological advance than in the total sales of computers.

The reason for this "marginal" obsession is that consumers, producers, and other economic decision-makers usually make choices "at the margin." Consumers decide whether or not to buy another hot fudge sundae today (having eaten dozens this year). They do not decide in January how many to purchase for the entire year. They decide each hot fudge sundae purchase one at a time. And so it goes for many economic decisions.

<= EASY MONEYECONOMIC COST =>


Recommended Citation:

ECONOMIC ANALYSIS, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2021. [Accessed: October 22, 2021].


Check Out These Related Terms...

     | marginal analysis | graphical analysis | scientific method | comparative statics |


Or For A Little Background...

     | economics | positive economics | normative economics | economic thinking |


And For Further Study...

     | seven economic rules | three questions of allocation | dismal science | four estates | distribution standards | political views | demand shock | supply shock | utility analysis | short-run production analysis | business cycles | circular flow |


Related Websites (Will Open in New Window)...

     | American Economic Association |


Search Again?

Back to the WEB*pedia


APLS

PINK FADFLY
[What's This?]

Today, you are likely to spend a great deal of time at a crowded estate auction hoping to buy either a key chain with a built-in flashlight and panic button or a green and yellow striped sweater vest. Be on the lookout for neighborhood pets, especially belligerent parrots.
Your Complete Scope

This isn't me! What am I?

General Electric is the only stock from the original 1896 Dow Jones Industrial Average remaining in the current index.
"A stumble may prevent a fall. "

-- Margaret Thatcher, British prime minister

CHIPS
Clearinghouse Interbank Payments System
A PEDestrian's Guide
Xtra Credit
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.

User Feedback



| AmosWEB | WEB*pedia | GLOSS*arama | ECON*world | CLASS*portal | QUIZ*tastic | PED Guide | Xtra Credit | eTutor | A*PLS |
| About Us | Terms of Use | Privacy Statement |

Thanks for visiting AmosWEB
Copyright ©2000-2021 AmosWEB*LLC
Send comments or questions to: WebMaster