Various Concepts Used in Economics - Assignment Example

The variables used are time in years against the cars, either cars or light trucks. Further analysis is done on the effect of car sales on fuel sales at the pump. A graph of fuel is drawn, showing the weekly retail price per gallon. The graph changes from week to week and is directly affected by the number as well as the type of cars sold (The Wall Street Journal, Para 1). The graph above, a graph is used to illustrate the changes in prices of oil in the different months. Numbers are used to representing the sales in million dollars against the months of the year, and that is from the beginning of June to the end of October (Gold para 1). The graph shows how the fall in the prices of oil affects the output. The low oil prices will serve as an incentive for producers, resulting in high production.

The graph above shows illustrates the sale of petroleum by different oil companies. The sale is represented in percentages starting with the one having the highest percentage to the one with the lowest. This allows easy interpretation of the graph, from the complexity of large numbers involved (Gold para 3). Figure 4 above shows gives an illustration of tracking the economy of the U.S. in comparison with other nations. The graph uses time in years against percentage growth as the variables for tracking the behavior of the economy. Economic growth is measured for ten years. Any reading above zero implies more positive news about economic growth (Madigan para 1).

Conclusion
Numbers are important tools in the analysis of economic concepts. Incorporating the numbers in graphs and tables allows the analyst to represent voluminous information in a simple and user-friendly way as seen in the discussion above. This allows us to analyze the data easily. Read More