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Graphing Review definitions

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  • Axes
    The two perpendicular lines on a graph, typically labeled as price (vertical) and quantity (horizontal) in economics.
  • Demand Schedule
    A table showing various prices and the corresponding quantities demanded, used to plot points on a graph.
  • Curve
    A line connecting plotted points on a graph, which can be straight or bent, representing relationships between variables.
  • Intersection
    The point where two lines or curves cross on a graph, often indicating equilibrium or a key outcome.
  • Slope
    A measure of how much the vertical value changes for each unit change in the horizontal value, indicating steepness.
  • Rise
    The change in the vertical value between two points on a graph, used in calculating slope.
  • Run
    The change in the horizontal value between two points on a graph, paired with rise to determine slope.
  • Tangent Line
    A straight line that touches a curve at only one point, used to find the slope at that exact spot.
  • Arc Method
    A technique for finding the average slope between two points on a curve by connecting them with a straight line.
  • Maximum Point
    The highest point on a graph where the direction changes from rising to falling, indicating a peak.
  • Minimum Point
    The lowest point on a graph where the direction changes from falling to rising, indicating a trough.
  • Area of Triangle
    A region on a graph calculated as half the product of its base and height, often used to measure surplus or loss.
  • Area of Rectangle
    A region on a graph found by multiplying base and height, useful for calculating total values like revenue.
  • Correlation
    A relationship between two variables where changes in one help predict changes in the other, without implying cause.
  • Causation
    A direct link where one event produces another, establishing a cause-and-effect relationship between variables.
  • Omitted Variable Bias
    A problem in graph interpretation when a relevant factor is left out, leading to misleading conclusions.
  • Reverse Causality
    A misinterpretation where the direction of cause and effect is mistakenly flipped between two variables.