SECTION 1 APPENDIX

Graphs in Economics

In this Appendix, you will learn to:

• Recognize the importance of graphs in studying economics

• Describe the basic components of a graph

• Explain how graphs illustrate the relationship between variables

• Explain how to calculate the slope of a line or curve and discuss what the slope value means

• Describe how to calculate areas represented on graphs

• Explain how to interpret numerical graphs