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Classification of economic variable

5 years ago in Software Implementation And Tools By Nithin Rao

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

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By Jesstlin Thomas Answered 5 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.

Reply To Jesstlin Thomas

By Garima Chauhan Answered 5 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

Reply To Garima Chauhan

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