Saturday, 3 May 2014

Methods That Economists Use In Economic Analysis

What are some of the methods that an economist uses in economic analysis?

There are so many methods that an economist can choose from to use during an economic analysis. Some of these methods or mathematical/statistical tools include the following: algebra, graphs, calculus, averages, percentages, correlation coefficient, diagrams or charts, standard deviation, narrative statements, positive statements, matrices and vectors, etc.

Of all the approaches mentioned above, it is only the narrative statements and the positive statements that are non-mathematical methods that an economist uses in economic analysis.

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