Question

what is variable in economics.​

Answer 1

Answer:

An economic variable is any measurement that helps to determine how an economy functions. Examples include population, poverty rate, inflation, and available resources.

Answer 2

There are three variables in economics: GDP ( gross domestic product ), the unemployment rate, and the inflation rate.

• The GDP i.e the gross development product is the total value of goods and services in one economical year. It defines economic growth in terms of sustainable development. GDP is usually defined in terms of multi-dimensional growth.
• The unemployment rate is one of the key indicators of the labor markets in an economy. the rate of unemployment is defined as the people unable to find work even if they are willing to work according to the present wage rate. It also depicts the scarcity of work opportunities for people in a particular field. It not only affects the people who are not able to find a job but also depicts the situation who have a job but can't expect a wage raise or even proper rewards for their work.
• Inflation is defined are the overall rise in the consumer price index. It depicts how the value of money increases over time. It also shows how the cost of living increases with time but doesn't assure the hike in standards of living specially for people with fixed incomes like pension holders.