Time-based line (curve) diagram:
- This diagram is used when we have ‘time related data’. For example, price of a given share in last 30 days, number of vehicles passing through a cross road every hour of a day, growth of population from 1951 to 2001, etc.
- The line-diagram represents the relation between the two economic variables and the slope.
- Line-diagram can be used for showing the demand curve, supply curve, etc.
- The independent variable (usually, time) is measured on ‘X’ axis and the dependent variable is measured on ‘Y’ axis.
Use in economics:
In economics, a time-based line diagram is used to show the size of population in different time periods, rate of inflation in various years, literacy rate in various years, etc.
Example:
Percentage growth rate of India’s population since 1951
| Decade |
Decadal Growth Rate of Population in % |
| 1951-61 |
21.64 |
| 1961-71 |
24.80 |
| 1971-81 |
24.66 |
| 1981-91 |
23.87 |
| 1991-2001 |
21.54 |
| 2001-2011 |
17.64 |
Analysis: The time-based line diagram tells us that if we look from percentage perspective the.. India’s population growth-rate has shown downward trend except in year 1961-71.
