Economics exam technique and data response
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Notes de leçon
Reading questions
- Read the exact command, scope, source instruction and marks before writing. Identify selects; define specifies meaning; explain develops why or how; analyse examines information and relationships. Do not write an evaluation when only a short identification is requested.
- Evaluation and assessment call for supported judgement in the relevant context. Discuss asks for key ideas or strengths and weaknesses; follow the board’s wording and mark scheme rather than assuming every command or six-/nine-mark label has an identical structure.
Match the command to the task
Data response
- Check period, population, units, denominator, definitions and whether a measure is nominal or real. Use relevant values to substantiate a comparison and explain why it matters, rather than copying an extract or adding a name without applying the economics.
- Fictional rate 4% → 5% increases by 1 percentage point and by 25% relative to the initial rate. Trends may fluctuate; an unusual value may be real rather than an error. Correlation alone does not show that one policy or variable caused the change.
A fictional rate comparison
Chains of reasoning
- Develop a valid chain from the proposed change through a mechanism to the relevant effect. Explain assumptions rather than relying on so or therefore to connect assertions. Distinguish demand from quantity demanded and real output from price pressure.
- A lower borrowing rate may encourage spending if it reaches borrowers who can and want to respond; fixed loans, low confidence or saver income can change the result. Stronger demand can increase real output when productive capacity responds, but not guarantee growth in every situation.
Check each link in the reasoning
Diagrams
- For a market supply-and-demand diagram, label price vertically, quantity horizontally, each curve and relevant initial/new outcomes. P and Q are price and quantity labels; only an appropriately identified point is equilibrium. Give meaningful units or a period where required.
- Fictional D1: P = 10 − 0.1Q, D2: P = 12 − 0.1Q and S: P = 2 + 0.1Q give equilibria (40,6) and (50,7). The demand shift reflects a determinant other than the good’s own price; identify it and explain the change. A diagram must match its written mechanism.
A fictional demand increase
Calculations
- Percentage change = (new − original) ÷ original × 100 for nonzero original value. PED compares percentage quantity-demanded change with percentage price change using the stated convention; profit is total revenue less total cost. Show relevant method, substitutions, units and rounding.
- Fictional nominal output £200bn → £220bn with matching output-price index 100 → 110 gives later real output £220bn ÷ 110 × 100 = £200bn, unchanged. Use the appropriate output deflator; consumer inflation is not automatically the matching measure. Method marks and formula requirements depend on the question.
Fictional nominal and real output
Evaluation
- Weigh effects against the actual objective, using evidence, scale, time, stakeholders, assumptions or alternatives where they change the judgement. An equal number of positive and negative paragraphs is not a universal rule, and unsupported it depends is not developed evaluation.
- For a minimum wage and poverty, examine which eligible workers gain, household resources, employment and hours, and firm responses through productivity, margins or prices. Unemployment need not rise in every labour market. A wage floor does not directly provide a wage to someone without work; reach a supported conditional judgement rather than promising poverty reduction for all.
Minimum wage: evaluate poverty effects
Time
- Use the actual examination duration, marks and current instructions to plan reading, writing and checking. A minute per mark is not a universal examination rule. Adjust for different task types and avoid spending most of the paper on a small-mark response.
- Fictional practice exercise: 100 total minutes less 10 reading and 15 checking leaves 75 for 60 marks, an average of 1.25 minutes per mark. This is an adjustable planning illustration, not a claim about any real board paper.
A fictional practice-paper plan
Diapos
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Questions d'entraînement
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1.What does 'identify' mean?
Easy- Astate or name a fact
- Bwrite an essay
- Cdraw a diagram
- Devaluate
2.What does 'define' mean?
Easy- Agive an opinion
- Bdraw a graph
- Ccompare
- Dgive the meaning of a term
3.What does 'explain' mean?
Easy- Agive an opinion
- Bdraw
- Cgive reasons with developed logic
- Dlist facts
4.What does 'analyse' mean?
Easy- Aguess
- Bbreak down and develop the points
- Ccopy
- Dlist
5.What should you label on a supply and demand diagram?
Easy- Aprice and quantity axes, named curves and relevant outcomes
- Bonly the title
- Cnothing
- Donly the curves
6.In a conventional market model, D1 and D2 are defined as two distinct demand curves. What do they represent?
Easy- Aa shift in supply
- Ba change in price only
- Cnothing
- Da shift in demand
7.In a conventional market diagram, what do P and Q denote?
Easy- Aproduction and quality
- Bnone
- Cprice and quantity, with equilibrium only where identified
- Dprofit and quantity
8.What is the formula for percentage change?
Easy- Anew + old
- Bchange ÷ original × 100
- Coriginal ÷ change
- Dnew × old
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