Econ Chapter 1 appendix
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equation
a mathematical expression that describes the relationship between two or more variables
constant (or parameter)
a quantity that is fixed in value
variable
a quantity that is free to take a range of different values
independent variable
a variable in an equation whose value determines the value taken by another variable in the equation
slope
in a straight line, the ratio of the vertical distance the straight line travels between any two points (rise) to the corresponding horizontal distance (run)
vertical intercept
in a straight line, the value taken by the dependent variable when the independent variable equals zero
dependent variable
a variable in an equation whose value is determined by the value taken by another variable in the equation
