Evaluation in Busines.Data Questions P – U – D - S
1. Significant Features of Data Questions
P – U – D - S
• Make a point
• Include the full units and dates
• What is the net difference
• Make it significant by linking to a key bit of
theory
Balance of exports minus imports of goods at current prices, £ billion
UK Balance of Trade in Goods
Source: Reuters EcoWin
88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06
GBP
(billions)
-90
-80
-70
-60
-50
-40
-30
-20
-10
0
Peak
Trough
End
Start
2. Analysis in Business Studies
Definitions – Explanation – Example - Development
Definitions
• Don’t waste words with a lengthy introduction (or
quotations). Instead right away start by using 2 or 3
core definitions.
• However these few definitions won’t be enough to
earn you full marks in your exam. To do that you’ll
also have to:
– Illustration (sketch)
– Calculation
– Examples
3. Analysis in Economics
Definitions – Diagrams – Explanation - Example
Draw the Diagram
• You need to diagram the problem explained in your answer.
And also diagram your solution. Sometimes both the problem
and the solution can be shown on one diagram. Sometimes
not.
• Include in your diagram as much information as you can. It will
need to:
-Use a full title such as
-Label all of your lines
-Mark all of your intersections with a letter, so you can refer to
them later in your essay
-Indicate the exact changes in equilibriums
• Show as much as you can in your diagrams. A clear picture can
help you tell a lot.
4. Analysis in Economics
Definitions – Diagrams – Explanation - Example
Explain the Diagram
• A big mistake students make is that they will identify the key
concepts that explain the case, but they don’t explain how
those concepts work. They skip steps in their explanation. It’s
human nature to do that. We all do that all the time. We
assume the reader is understanding what we’re saying. In this
case you can’t do that. You need to force yourself to explain
things step by step.
• If you have to be an expert to understand what you’re talking
about you aren’t doing it right. You can’t think of your reader
as an expert.
5. Analysis in Economics
Definitions – Diagrams – Explanation - Example
Develop Your Explanation and include Examples
• Analysis is about explaining how the theory relates to the case.
You have already done a lot of that by FULLY explaining your
diagram.
• Go deeper in your explanation. Explain to us to what extent the
theory you have used explain what’s actually going on in the
example?
• Show the linkages between different aspects of theory.
Basically you’re trying to take it to the next level.
• You aren’t evaluating. You’re just making sure that you have
fully explained the theory and how the theory relates to the
case.
6. Evaluation in Economics
C – L – A – S - P
A clasp is something that holds things together.
But it’s also an acronym for the 5 types of
evaluation in Economics.
• Conclusions from the data
• Long run and short run
• Assumptions about the theory
• Stakeholder Analysis
• Prioritisation of your argument
7. Conclusions from the data
• What can we conclude from the theory?
• What do we expect the data to show?
• Link to what you have explained in your
diagram
8. Long run and short run
• Is the change good in the short-term, but over in
a few years it will have undesirable
consequences?
• Will the policy be really hard on people in the
short-run, but it fixes the long-term problem?
• Will this policy fix one problem, but create
another?
9. Assumptions about the theory
• Are there some assumptions being
made, that the theory depends on
that may not hold true? This is the
same as “ceteris paribus” --the
assumption that all other things
are being held equal, when in fact
they might not stay constant.
• What is unrealistic about the
theory?
10. Stakeholder Analysis
• What effects would this policy have on the
government, consumers, producers and the
rest of society?
• Policies are often made with particular
stakeholders in mind, so are there undesirable
effects on other parties?
• Is the policy great for some groups, but bad
for others?
11. Prioritisation of your argument
• Discussing the priorities of a society, or the
government is also a good way to keep things
in perspective.
• What are the priorities as a society?
• Is there an important normative / value
judgement that the theory doesn’t consider?
