{"id":1137,"date":"2022-01-07T22:39:41","date_gmt":"2022-01-07T22:39:41","guid":{"rendered":"https:\/\/mundanopedia.com\/?p=1137"},"modified":"2023-03-04T22:02:18","modified_gmt":"2023-03-04T22:02:18","slug":"economic-analysis","status":"publish","type":"post","link":"https:\/\/mundanopedia.com\/economics\/macroeconomics\/economic-analysis\/","title":{"rendered":"Economic Analysis: Definition, Overview, Tools &#038; Uses"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1137\" class=\"elementor elementor-1137\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-706243f0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"706243f0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-169893d1\" data-id=\"169893d1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-85c4c8b elementor-widget elementor-widget-global elementor-global-3790 elementor-widget-heading\" data-id=\"85c4c8b\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-small\"><a href=\"https:\/\/mundanopedia.com\/economics\/\">ECONOMICS<\/a><\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-30c0b5e elementor-widget elementor-widget-heading\" data-id=\"30c0b5e\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Economic Analysis: Definition, Overview, Tools &amp; Uses<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b02fac7 elementor-widget elementor-widget-text-editor\" data-id=\"2b02fac7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><strong>Economic analysis<\/strong><\/h2><p>Economic analysis is a methodological procedure through which economic behavior is predicted based on cause-effect relationships of the factors that influence the decisions of economic agents, and on the laws of thought and historical data. (<a href=\"https:\/\/drive.google.com\/file\/d\/1X28nQ80SBioh8-Ka8j2IG0h-shv4y0ds\/view\">1<\/a>)<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5fc09f5 elementor-toc--minimized-on-tablet elementor-widget elementor-widget-table-of-contents\" data-id=\"5fc09f5\" data-element_type=\"widget\" data-settings=\"{&quot;headings_by_tags&quot;:[&quot;h2&quot;,&quot;h3&quot;,&quot;h4&quot;,&quot;h5&quot;],&quot;exclude_headings_by_selector&quot;:[],&quot;marker_view&quot;:&quot;numbers&quot;,&quot;no_headings_message&quot;:&quot;No headings were found on this page.&quot;,&quot;minimize_box&quot;:&quot;yes&quot;,&quot;minimized_on&quot;:&quot;tablet&quot;,&quot;hierarchical_view&quot;:&quot;yes&quot;,&quot;min_height&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_tablet&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]},&quot;min_height_mobile&quot;:{&quot;unit&quot;:&quot;px&quot;,&quot;size&quot;:&quot;&quot;,&quot;sizes&quot;:[]}}\" data-widget_type=\"table-of-contents.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-toc__header\">\n\t\t\t<h4 class=\"elementor-toc__header-title\">\n\t\t\t\tContents\t\t\t<\/h4>\n\t\t\t\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--expand\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__5fc09f5\" aria-expanded=\"true\" aria-label=\"Open table of contents\"><i aria-hidden=\"true\" class=\"fas fa-chevron-down\"><\/i><\/div>\n\t\t\t\t<div class=\"elementor-toc__toggle-button elementor-toc__toggle-button--collapse\" role=\"button\" tabindex=\"0\" aria-controls=\"elementor-toc__5fc09f5\" aria-expanded=\"true\" aria-label=\"Close table of contents\"><i aria-hidden=\"true\" class=\"fas fa-chevron-up\"><\/i><\/div>\n\t\t\t\t\t<\/div>\n\t\t<div id=\"elementor-toc__5fc09f5\" class=\"elementor-toc__body\">\n\t\t\t<div class=\"elementor-toc__spinner-container\">\n\t\t\t\t<i class=\"elementor-toc__spinner eicon-animation-spin eicon-loading\" aria-hidden=\"true\"><\/i>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9dbdd53 elementor-widget elementor-widget-text-editor\" data-id=\"9dbdd53\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2><strong>Elements of economic analysis<\/strong><\/h2><p>Economic analysis is made up of different elements that allow to observe and analyze the interactions of economic phenomena, and they are the data,\u00a0 the variables, and the economic subjects.<\/p><ul><li><h3><strong>Economic data<\/strong><\/h3><\/li><\/ul><p>Economic data are the most stable elements of information, they change very slowly, such as the legal system, the form of government or natural resources. For example, Venezuela is a South American country that has a constitution that protects private property (<a href=\"https:\/\/venezuela.justia.com\/federales\/constitucion-de-la-republica-bolivariana-de-venezuela\/titulo-iii\/capitulo-vii\/#:%7E:text=Art%C3%ADculo%20115%20Se%20garantiza%20el,p%C3%BAblica%20o%20de%20inter%C3%A9s%20general.\">2<\/a>) and its main source of income are natural resources, especially oil.<\/p><ul><li><h3><strong>Economic variables<\/strong><\/h3><\/li><\/ul><p>Economic variables are the dynamic and changing elements and represent components or magnitudes that change and when related to others, they can explain economic phenomena. An example of an economic variable is the level of oil imports and exports that influence the <a href=\"https:\/\/mundanopedia.com\/economics\/macroeconomics\/gross-domestic-product-gdp\/\">GDP<\/a>.<\/p><ul><li><h3><strong>Economic agents<\/strong><\/h3><\/li><\/ul><p>Economic agents are people and entities that make decisions and take economic actions, and there can be macro or micro agents.<\/p><ul><li><p><strong>Microeconomic agents: <\/strong>Microeconomic agents are those with a single decision-making center, such as the family or individuals.<\/p><\/li><\/ul><ul><li><p><strong>Macroeconomic agents: <\/strong>Macroeconomic agents are those who have several centers of decision-making power, such as the government.<\/p><\/li><\/ul><h2><strong>The economic laws of causality<\/strong><\/h2><p>The study of <a href=\"https:\/\/mundanopedia.com\/economics\/microeconomics\/economics\">economics<\/a>, for the analysis of phenomena, is based on logical assumptions, principles, and cause and effect relationships, so that when a change occurs (cause), there are modifications in other phenomena (effect). (<a href=\"https:\/\/drive.google.com\/file\/d\/1X28nQ80SBioh8-Ka8j2IG0h-shv4y0ds\/view?usp=sharing\">3<\/a>)<\/p><h3><strong>Types of cause and effect\u00a0 relationships<\/strong><\/h3><ul><li><strong>Unilateral cause:<\/strong> A variable causes the modification of another variable, but that effect does not return to the first one.<\/li><li><strong>Reciprocal cause or bilateral<\/strong>: Where one variable modifies another and that modified variable alters the first one again. This occurs in the <a style=\"font-size: 16px; background-color: #ffffff;\" href=\"https:\/\/mundanopedia.com\/economics\/microeconomics\/law-of-demand\/\">law of demand<\/a><span style=\"font-size: 16px;\">, whereby if the price of a product changes, the quantity demanded is modified, but at the same time, if there is a variation in the quantity demanded, prices may vary as well.<\/span><\/li><li><strong>Simultaneous variation<\/strong>: When there is a correlation between various variables and the cause relationship, the effect is not entirely clear.<\/li><\/ul><h2><strong>Laws of thought<\/strong><\/h2><p>Economics also uses logical rules to avoid errors, such as considering that because several phenomena occur simultaneously does not mean that there is a relationship between them.<\/p><p>Also, the postulate that the causes of a phenomenon should not be generalized or simplified or attributed only to one of them.<\/p><p>And the <a href=\"https:\/\/scholar.uwindsor.ca\/cgi\/viewcontent.cgi?referer=&amp;httpsredir=1&amp;article=1146&amp;context=ossaarchive#:~:text=The%20fallacy%20of%20composition%20consists,inferences%20based%20on%20that%20mistake.\">fallacy of composition<\/a>, that consists of inferring that something is true of the whole from the fact that it is true for one or more parts.<\/p><h2><strong>The use of graphics in economics<\/strong><\/h2><p>Behaviors that become common and generalize in the social collective serve as the foundation for the conceptualization of <a href=\"https:\/\/mundanopedia.com\/economics\/microeconomics\/economic-theories\/\">economic theories<\/a>. The establishment of economic truths and laws can be represented by mathematical formulas and equations and statistical series (<a href=\"https:\/\/drive.google.com\/file\/d\/1X28nQ80SBioh8-Ka8j2IG0h-shv4y0ds\/view?usp=sharing\">4<\/a>), making it possible to use graphs that make the representation easier to understand.<\/p><p>Nowadays, its use is frequent in different areas of knowledge, especially through computers and programs such as Excel that facilitate the automatic creation of graphs once the data is added in the corresponding fields.<\/p><p>For example, the graph that is made when you want to demonstrate what happens to the variable \u201cquantity demanded\u201d when the variable \u201cprice\u201d increases or decreases. Or the balance between demand and supply.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b3225f7 elementor-widget elementor-widget-image\" data-id=\"b3225f7\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"768\" height=\"574\" src=\"https:\/\/mundanopedia.com\/wp-content\/uploads\/2022\/01\/Market-equilibrium-or-balance-between-demand-and-supply-768x574.png\" class=\"attachment-medium_large size-medium_large wp-image-2305\" alt=\"Market equilibrium, or balance between demand and supply graph\" srcset=\"https:\/\/mundanopedia.com\/wp-content\/uploads\/2022\/01\/Market-equilibrium-or-balance-between-demand-and-supply-768x574.png 768w, https:\/\/mundanopedia.com\/wp-content\/uploads\/2022\/01\/Market-equilibrium-or-balance-between-demand-and-supply-300x224.png 300w, https:\/\/mundanopedia.com\/wp-content\/uploads\/2022\/01\/Market-equilibrium-or-balance-between-demand-and-supply-16x12.png 16w, https:\/\/mundanopedia.com\/wp-content\/uploads\/2022\/01\/Market-equilibrium-or-balance-between-demand-and-supply.png 782w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2e09322 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2e09322\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c0de96f\" data-id=\"c0de96f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0f1296a elementor-widget elementor-widget-heading\" data-id=\"0f1296a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-large\">See also<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b21d1a8 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"b21d1a8\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Economic analysis is a methodological procedure that predicts economic behavior according to cause-effect relationships of influencing factors.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[145,147,146],"tags":[177,172,170,178],"class_list":["post-1137","post","type-post","status-publish","format-standard","hentry","category-economics","category-macroeconomics","category-microeconomics","tag-economics-i","tag-economics-ii","tag-fundamentals-of-economics","tag-logic"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Economic Analysis: Definition, Overview, Tools &amp; Uses<\/title>\n<meta name=\"description\" content=\"Economic analysis is a methodological procedure that predicts economic behavior according to cause-effect relationships of influencing factors.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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