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→Example of a ratio
A '''ratio''' is the amount of one quantity compared to another quantity, or, in simpler terms, one quantity divided by another. Ratios are written with a colon (the : symbol).
A '''ratio''' is the amount of one quantity compared to another quantity, or, in simpler terms, one quantity [[division|divided]] by another. Ratios are written with a colon (the : symbol).
When two ratios are equal, they are a ''[[proportion]]''.
All prices of goods and services are ratios.
==Example of a ratio==
==Example of a ratio==
*[[Texas]] is approximately 16 times the size of the [[Netherlands]]. Thus the ratio of the size of Texas to the Netherlands would be 16 to 1, written as 16:1.
*A wage rate of $10 ''per'' hour is expressed as 10:1.
[[Texas]] is approximately 16 times the size of the [[Netherlands]]. Thus the ratio of the size of Texas to the Netherlands would be 16 to 1, written as 16:1.
*If [[gold]] sells for $1500 per ounce, and [[silver]] sells for $25 per ounce, it costs approximately 60 ounces of silver to purchase one ounce of gold, or a ratio of 60:1.
:*If the ratio fell to 40:1, gold would become [[cheap]], and silver would become [[dear]].
[[Category:Mathematics]]
[[Category:Mathematics]]