In: Economics
Classify variables by type and give examples of each. In real life projects where do you think you can use them?
There are three types of variable this can be explained by an example of farmer growing wheat
1) the first type of variable is independent variable and this cannot be changed on the basis of change of other variables on the whole and for instance the independent variable here is change of season, amount of farmers available, amount of fertilizers available etc.
2) second type of variable is dependent variable where this can be altered with the alteration in the change in independent variable and hear the example for dependant variable is output of wheat.
3) third type of variable is controlled variable where these are not changed throughout the course and for instance here the government policy can be considered as a controlled variable the output is measured as a dependent variable in terms of season amount of farmers available amount of fertilizers keeping the government policies constant