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Classification of economic variable

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

All Answers (3 Answers In All)

By Jesstlin Thomas Answered 6 years ago

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.

By Garima Chauhan Answered 6 years ago

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

By Deepa S Answered 6 years ago

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

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