1.3: Review of Data Representation and Mathematics for Economics
- Follow the steps for solving simple mathematical equations with variables. Answer the quiz questions and check your answers.
- Watch this video, which provides a review of the basics of linear algebra you will need for this course, namely the ability to understand and graph straight lines, their slope, and their x- and y-intercepts. If you know this material well, don't dwell. Continue working your way through Unit 1.
- Read this section on the reasoning behind economic models, which are just representations of reality or theoretical thinking for understanding something. Pay attention to the explanation about the Circular Flow Diagram (Figure 2), which represents how the economy and its actors are related to one another. Make sure to answer the quiz questions.