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What are the Four Important Tools Used for Economic Analysis? , Mar 2019

By : Julia Zoukhri Posted March 6, 2019 Reading Time: 2 minutes
No. of views: 343
The economy is a crucial factor to determine the growth of a company as well as of the country. When proper analysis of the economy is done it determined in which direction the growth of the country is going. The economic analysis is the tool which is used to analyze economy growth using a systematic approach. It determined how the resources have been used, figure out the available resources that can be used as an alternative, suggests the best alternative that can be used to achieve the goal. The economic analysis also helps in determining why various economic problems are prevailing in society such as economic instability, depression, inflation, etc.  The Economic Analysis assignment help of BookMyEssay team is incomparable and the best.

Different Tools Used For Economic Analysis

For analyzing the economy of the country four different tools are used. These are:
  1. Economic Variable– The objective of the economic analysis is to understand the nature of the economic variable as well as check out the relationship between various similar variable. This is important here to know that economic variable is any economic quantity whose value gets change with the change in different economic activities happening around or its determinants.
There are two types of economic variables
  • Dependent variables
  • Independent variables
  • Endogenous variables
  • Exogenous variables
  1. Slope – This is one of the key tools used for economic analysis. Slope help in understanding various changes happening in one variable when there is a change in another variable. The definition of slope is the changes take place independent variables because of the altercation in independent variables. The relationship of both variables is represented in the form of a straight line on a graph.
The slope tool is used for economic analysis is where you buy it and to understand this you need to have in that knowledge of the same. If you need assignment help from professionals on this topic then you can contact the team of BookMyEssay. The writers here provide great assignment help on a wide range of topics that brings great grades.
  1. Optimization Techniques – This is the technique used to identify the value of independent variables that influence the value of the dependent variable. For making managerial decisions this tool is used the most.
  2. Linear Programming– This is the fourth tool used for economic analysis. This is more like the mathematical technique which is used to solve problems related to optimization like minimization and maximization of business problems. The optimization problems here comprise the variables that hold a linear relationship. This programming offers the finest solution for the right allocation of resources and to optimize problem under special conditions. Nevertheless, the application of linear programming in economic analysis is not done often because of the reason that it provides very minimum information pertaining to the working of an economy in the system.
These are the four important tools of economic analysis; if you need help to make an assignment on the same topic you can take economic analysis assignment and case study assignment help from the team of BookMyEssay.