Final answer:
A dynamic value used in place of constants in various mathematical operations is known as a variable. Variables can assume different values, such as 'x' and 'y' in a linear equation, where 'y' depends on 'x'.
Step-by-step explanation:
A dynamic value that can replace constant values in calculations, filters, and reference lines is known as a variable. In Mathematics and Economics, a variable is a quantity that can assume a range of values. For instance, in the equation of a line, often represented as y = mx + b, x and y are considered variables, with x typically on the horizontal axis and y on the vertical axis. The 'b' represents the y-intercept, and 'm' is the slope of the line. These components work together to determine the overall appearance and placement of the line on a graph.
As an example, let's consider what happens when we work with different values for our variables. Given the equation y = 2x + 3, if we set the value of x to 1, the corresponding value of y is 2(1) + 3, which equals 5. If we change the value of x, the value of y will also change accordingly, demonstrating that y is the dependent variable, which pivots on the changes made to x, the independent variable.