Why Do Economists Use Graphs

question 89

Multiple Choice

Why do economists use graphs?

• A)to find how variables are related in the real world
• B)to negate economic ideas that cannot be proved with equations or words
• C)to visually express ideas more clearly than might be the case if they are expressed with equations or words
• D)to make economic theory more relevant

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Definitions:

Opportunity Cost

When one option is chosen, it's the sacrifice of possible benefits from other available choices.

Working Home

The act of performing one’s job duties from one's place of residence rather than in a traditional office environment. Often referred to as "working from home" or "remote work."

Marginal Cost

The increase or decrease in the total cost that arises when the quantity produced is incremented by one unit.

Labor Force

The total number of people who are currently employed or actively seeking employment within an economy.