Employment

In this video I discuss causes, consequences and way to measure unemployment.

Advertisements

7 Tips for Data Response Question

IĀ have been asked to share some of my tips for writing data response economic questions. I hope this helps! šŸ™‚

1) Know how many mark question they are e.g. I know in my Jan exam for the Data response there are 4 question and the marks they hold (4, 12, Ā 8 and 16 marks)

2) Know how the marks are split e.g. in unit three except for the 4 mark one they tend to be 50% analysis and 50% evaluation.

3) Know how to split that further so if evaluation is worth 6 marks know that you can discuss two factors worth 3 marks each or 3 factors worth 2 marks each.

4) Once you know this all you need to do is write down you points whether analysis or evaluation to marks you allocated above.

5) It is good to know this structure off by heart, memorise it and use it for planning big questions in exams

6) In terms of analysis, you are defining key terms, applying economic theories such as theory of PED to the question and drawing diagrams.

7) In evaluation all you are doing is saying whether this is different in the long-run, is this an actual realistic thing, other factors that affect what you said in evaluation, ceteris paribus (is it assumed that all factors are equal), prioritising and justifying points, if for example you are talking at tax or subsidy then you can discuss that it depends on the size of the tax for the effects to happen etc.

HDI: Human Development Index

HDI – Putting people before markets

What is HDI?
It is a measure of economic development. It compromises of three equally weighted components. It gives a single numerical value between 0-1 and the higher the value the more developed the nation.

What are the components of HDI?

  1. Education – years if schooling and literacyĀ 
  2. Health – Mortality rates
  3. Real GDP per capita at PPP – i.e. real GDP person at PPP (taking into account different costs of living)

What are the advantages and disadvantages of HDI?

Advantages
DisadvantagesĀ 
Political competitiveness
Does not take into account poverty or other measures of deprivationĀ 
More factors and reliable onesĀ 
PPP values change very quickly and are likely to be inaccurate or misleading.
easy and cheap to collect data
Still very little sense of income distribution with this measure.
Sign of welfare in the future because improving health and education are both supply-side policies which can indicate the long-term patterns of AS curveĀ 
Quality of life does not seem to be that closely linked with it and we donā€™t get to taken into account things like war or political oppression.
The success of government policy can also be seen
Human development altogether is difficult to measure and is based on normative economics. Other measures such as access to internet might be more important.
As it is one value it allows statistical analysis and other modeling to be done and is altogether a practical measure.
Changes over time – ceteris paribusĀ