Basic Tools for Economic Analysis Part 1.pptx

The presentation contains tools such as tables, bar charts - types of bar charts and pie chart with sample question and solution.

1. Economics Subject: LESSON PLAN Topic: Basic Tools of Economic Analysis

2. It is an orderly arrangement of information, facts or data using rows and columns for presentation which makes it easier for better understanding. TABLE

3. Must have a title or heading Its unit of measurement must be stated Purpose of construction must be stated Sub-heading for the column and rows used must be stated It must be numbered if they are many Source of information must be stated if it is known TABLE of a

4. Is a graph made up of bars of rectangles which are of equal width and whose lengths are proportional to the qualities they represent. Bar Charts

5. Simple bar chart Component bar chart Multiple bar chart

6. It is used when the data is made up of only item or variable Simple

7. This is used when the data involved are of two variables. Component

8. It is used when there are three or more variables in a given data. It has multiple bars each of which stand for a component variable. Multiple

9. A pie chart is a simple circle of any convenient size which is divided into sections or sectors, each of which is proportional to the quantity or value it represent. Pie Chart

10. Add the total figure or value under consideration; Work out the percentage or degree of the total which each component part represents; Draw a circle of any convenient size; Divide the circle into sectors subtended by these angles; Write the percentage or degree of each sector by it; Use key where the information cannot be written inside the circle.

11. The table below shows the age distribution of a hypothetical population of a country Represent the above information on a pie chart, Show the workings properly for degrees and percentages. Age group Number of people (Population) 0 – 19 70 20 – 29 49 30 – 39 30 40 – 49 41 50 – 59 20

12. Solution = 70 + 49 + 30 + 41 + 20 = 210 Age 0 – 19     = 120 o = 33.3% Age 20 – 29     = 84 o = 23.3% Age 30 – 39     = 51.4 o = 14.3% Age 40 – 49     = 70.3 o = 19.5% Age 50 – 59     = 34.3 o = 9.5%

13. Solution