Final answer:
The inputs used by an Excel function are called arguments. These are the specific values or cell references that a function needs to perform its calculations, similar to independent variables in a equation. Unlike variable inputs in economics, Excel arguments are not meant to vary freely and are predefined for each Excel function.
Step-by-step explanation:
The inputs used by an Excel function are called arguments. In Excel and other programming contexts, an argument is a value that is passed to a function or procedure when it is called. In contrast to variable inputs in production or economics which can be increased or decreased easily, Excel arguments are specific values or references to cells that contain data required for the function to execute properly.
Arguments can be likened to independent variables in an equation, which are variables that can be freely changed and upon which the value of the dependent variable depends. This differs from a control variable, which is held constant to allow assessment of the relationship between the independent and dependent variables. Control variables are crucial because they help ensure that any observed effect in an experiment is due to the manipulation of the independent variable, not other factors.
Each Excel function has a specific set of arguments that it requires, some of which may be optional. Properly understanding and using arguments is essential for effectively utilizing Excel's various functions to analyze data.