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SS1 LESSON 3
                         


TOOLS FOR ECONOMIC ANALYSIS       
Economics uses tools like table, charts, graphs, statistical tools etc. to assume and analyze the patterns of human behavior.
1.   TABLE
This is a list of facts or numbers arranged in special order usually in rows and columns.
Features of Table
1.   It is very neat, simple to prepare and easy to understand
2.   Has rows and columns
3.   Shows relationship between variables
4.   Rows and Columns has titles
Importance of Table
1.   It is very useful for comparison of data
2.   Data are properly arranged
3.   Easy to understand  which makes for quick decision making
4.    Shows complete summary of data
2.  CHARTS
This tool presents data in diagrams and pictures.
Types of Charts
1.   Bar charts
2.   Pie charts
3.   Histogram
4.   Pictogram


1.  Bar Chart
This tool shows quantities of data in the form of bars. These bars have same width and separated by equal gaps.
Types of bar charts
1.   Simple bar chart:
This bar chart is used when data involves only one category.

        JS3        SS1      SS2    SS3
Exercise:
The following are the loans granted by a commercial bank to different categories of individuals. Use the information to answer the                 question that follows.
                    Bakers               $8,000
                    Farmers             $8,000
                    Miners               $7,000
                    Retailers            $5,000
                    Tailors               $4,000
                    Teachers           $6,000
                    Drivers              $4,000
                    Fishermen          $3,000

1.   Arrange the information in the form of a table grouping them into:       a) Primary sector
                    b) Secondary Sector
                    c) Tertiary Sector
2. Present the total Loan granted to the sectors in a simple bar       chart.

2.   Component Bar Chart:
These charts are used to represent data involving two categories.
Example:
The production of carrot and onion by a farmer in Jos for the years 2001-2004
Year
Carrot
Onion
Total
2001
40
30
70
2002
30
20
50
2003
30
40
70
2004
20
40
60
Represent this data using component bar chart


3.   Multiple bar chart:
This is also called compound bar chart. Here, two or more bars are used to represent data with up to 3 categories.
Example:
The output of 3 products for the year 2008 to 2010
Products
2008
2009
2010
X
4
3
1
Y
5
2
2
Z
7
8
3




2.  PIE CHARTS
This is a 3600 circle divided into sectors whose angles are proportional to the frequencies of the items, and are represented in percentage or degrees.



Examples will be treated in the class.
MEASURES OF CENTRAL TENDENCY
1.   Mean
2.   Median
3.   Mode

1.  Mean:
This is the average of variable obtained in a study. It is the sum of all data divided by their frequency.
2.  Median:
This is a middle item of an array of data. It is a position average. If a set of number is arranged in order of size, the middle item is the median.
3.  The mode:
This is the most frequently occurring data in a set. The number with the highest frequency is the mode.
(Calculations will be given in the class)
MEASURES OF DISPERSION
1.   Range: The difference between the extreme figures in a set of data.
2.   Quartile
3.   Variance
4.   Standard deviation

(explanations and illustrations will be given in the class)

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