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Graphs of Two Variables definitions

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  • X-axis
    Horizontal line on a graph representing quantity, typically increasing from left to right in economic diagrams.
  • Y-axis
    Vertical line on a graph representing price, usually increasing upward and used for economic conventions.
  • Quantity
    Numerical value plotted along the horizontal axis, indicating the amount of a good or service.
  • Price
    Numerical value plotted along the vertical axis, indicating the monetary value of a good or service.
  • Demand Schedule
    Table listing various prices and corresponding quantities demanded, used as a basis for plotting points.
  • Point
    Specific location on a graph where a price and quantity pair intersect, often labeled for clarity.
  • Pair
    Combination of two values, one from each axis, used to determine a unique position on a graph.
  • Intersection
    Spot on a graph where values from the horizontal and vertical axes meet, marking a plotted data point.
  • Label
    Identifier, such as a letter or color, assigned to a plotted point for easy reference and tracking.
  • Convention
    Standard practice in economics for assigning price to the vertical axis and quantity to the horizontal axis.
  • Graph
    Visual representation with axes, used to display relationships between two variables like price and quantity.
  • Axis
    Reference line, either horizontal or vertical, used to organize and scale values in a two-variable graph.
  • Vertical Axis
    Line running upward on a graph, typically reserved for price in economic diagrams.
  • Horizontal Axis
    Line running left to right on a graph, typically reserved for quantity in economic diagrams.
  • Plot
    Process of marking a point at the intersection of two values from the axes, visually representing data.