Here are some important steps to note when reading graphs in Economics
What is the overall economic story being portrayed in the graph?
What assumptions must be made? Are there other things at play here? (i.e. prices of other goods, labour available for production, etc.) that are assumed to be unchanged?
What information is being described on the x-axis and the y-axis?
What are the units of each?
Is there a causal relationship between the variables. If so, in which direction does the relationship flow?
Does a change in x necessarily cause a change in y? in
What industry/market is the firm operating in?
The key is to develop your diagrams to suit the context of the question (contextualise the x and y axis)”
Leaving Certificate Economics Research Webinar – Doing Research Well
Stephen Kinsella University of Limerick
I recently attended an online zoom meeting on Economics Seminar Day 4 hosted by https://www.pdst.ie