What does varies mean in economics?

A variable is something that can change its value over time. Examples of economic variables are the price of a commodity, interest rates, and the level of employment. The value of a variable can increase or decrease depending on the circumstances. A variable is more likely to vary when it’s harder to predict.

What does mean vary in economics?

variances are the differences among the values of economic variables. They are a common measure of economic uncertainty. Generally speaking, economic variables are the things that people count or measure in an economy. Examples of economic variables include GDP, inflation rates, interest rates, unemployment rates, and stock prices.

What do varies mean in economics?

Varies means that a product’s price will change based on the circumstances of its buyer. If more consumers have an interest in a product, the price of that product will increase so that the demand is met. This is why the price of airline tickets will increase when there are more people traveling, and why the price of milk will increase when more cows are being raised. Varies is sometimes also used to describe the price of a product that varies based on the location of the buyer. The

What does variance mean in economics?

Variance measures the difference between the actual outcomes for a group of people, like a country, and its expected value. The difference between the actual outcomes and the expected value is called the standard deviation. If the variance for a given data set is higher than average, the results are said to be variable. The opposite would be when the variance is lower than the average.

What does the word vary mean in economics?

The term vary refers to the fluctuation of something. It’s most commonly used in economics to describe changes in the price of a good or service. An example of a price change is when you order a cup of coffee at different times of the day. Have you ever gone to Starbucks and noticed that the price of coffee regularly fluctuates throughout the day? This is because the price of coffee is affected by the supply and demand for coffee. As more people begin ordering coffee around the same time