1, key points
Using mathematics can enable economists to form meaningful and testable propositions on complex topics that are difficult to express informally.
Algebra is the study of operation and its application in solving equations. It provides a structure and a clear direction for economists to analyze complex data.
Algebraic concepts used in economics include variables and algebraic expressions.
Calculus is the mathematical study of change. Economists use calculus to study economic changes, whether it involves the world or human behavior.
In economics, calculus is used to study and record complex information-usually on charts and curves.
2. Key terms
Quantification: refers to the measurement based on a certain number rather than a certain quality.
Variable: something whose value may be dominated or discovered.
Calculus has two main branches:
① Differential calculus is the study of the definition, nature and application of function derivatives (rate of change and slope of curve). By calculating the derivative of the function, the rate of change of the original function can be obtained.
(2) Integral is to study the definitions, properties and applications of indefinite integral and definite integral (the accumulation of quantities and the area under a curve).