Classification of economic variable

Is there any classification in the economic variable? Please guide me.

asked on 09 Mar 19Nithin Rao Nithin Rao
3 Answers
answered on 10 Mar 19

Yes. There is a classification in economic tools. Dependent variables, independent variable, endogenous variable and exogenous variable.
Dependent variable involves variables whose values are dependent on the other variables. The values of such variables are affected by any alteration in the value of interrelated variables.

Jesstlin Thomas Jesstlin Thomas
answered on 10 Mar 19

Independent variables that are independent and will not be affected by any change in any other variable. Exogenous refers to variables whose value will be obtained outside the model are considers

Garima Chauhan garima chauhan
answered on 12 Mar 19

Indigenous refers to variables whose value will be obtained within the model under consideration.

Deepa S Deepa s

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