2024 SAJC JC1 H1 Price Mechanism and its Applications Part 1 Tutorial w Skills Package Students'

1 St Andrew’s Junior College 2024 JC1 H1 ECONOMICS Case Study Skills Package Table of Contents No. Content Page Nos. 1. Introduction 2. Question Types 3. Making Sense of Data 4. Tackling Higher Order Questions 1. Introduction What is a case study and what are case studies trying to test you for? • It generally consists of two to three pages of data presented in textual, numerical or graphical form. Each case study will present contemporary multifaceted economic issues or policies, which may be from one or more themes in the syllabus. • Case studies therefore tests students’ ability to apply their understanding of economic concepts, theories and principles in analysing, synthesising and evaluating economic issues, perspectives or policies, with reference to the data provided. • What this means is that a case study is NOT an English comprehension test. It does require you to comprehend the data given but more importantly, you have to apply your economic theories and concepts to account for or predict what happens. H1 Paper Details Description There will be two compulsory case studies. Candidates are required to answer all questions for each case study. Each case study carries 40 marks and constitutes 50% of the total marks. About 16 marks of each case study questions will be for data response questions, and about 24 marks will be for higher-order questions. Duration 3 hours Mark Weighting 80 marks (100%)

2 What is expected from me? • It requires analysis specifically related to the stimulus material provided. o Parts of the questions may, however, be answered without reference to the data given. These are necessary to ensure wide coverage of the topic to which the stimulus material relates and to accommodate a greater diversity of questions. o Such “stand alone” questions also facilitate a higher degree of student input providing an opportunity for additional relevant material to be included in answers. o Gives the student the opportunity to demonstrate wider reading of the subject outside the standard information available in lecture notes. What else should I bear in mind? • Avoid the mistake of assuming that a case study paper requires no prior knowledge of economics. The examiner will be using the data as stimulus material specifically to assess your economic knowledge and competence. o For example, with for higher-order discursive questions, the data provided should not be seen as the only material that is relevant to an issue raised for consideration in a question. o Instead, the material should be seen as a starting point for analysis , synthesis and evaluation and it should stimulate the candidate to use their own knowledge and understanding to give a broader and more considered response than one restricted to the material provided in the data.

3 2. Question Types A typical case study question would consist of seven or eight part-questions, including sub- parts. About 16 marks of each set of case study questions will be for data response questions and about 24 marks of each set of case study questions will be for higher-order questions. Part 1: Turning Data into Information Generally, the lower-order questions of the case study question requires you to make sense of data provided to do the following: a) Describe a trend b) Compare and contrast variables c) Describe a relationship between two variables ______________________________________________________________________________________________________________ We will examine these three question types here. a) Describe a trend (E.g. Describe the trend in oil prices from 1980 to 2000.) i) State the general trend To identify the general trend, the key idea is to give a general picture which emphasises a repeated or consistent pattern and not a year-on-year detailed analysis. This gives the overall change. Usually, the overall change is the same as the general trend. Confirm that this is the case by looking at the data points year by year and whether or not they move in the same direction as the overall change. Never regurgitate the data line by line, year by year . This leads to a descriptive and chronological answer that is frowned upon by examiners. Stating the general trend: “There is an increasing/decreasing trend in (variable) from (start period) to (end period).” DARE D- General Direction of the trend A- Anomaly to general trend R- Rate of change in general trend E- Extent of change in general trend

4 ii) State the most significant refinement Here are some possibilities of stating refinements: - Identify the reversal of trend or irregularity against the general trend. - Identify the period with the most marked change in the variable. In stating the refinement, there might be several possible refinements , but state the most significant one. When identifying the period with the most marked change in the variable, use terms like “largest” instead of “large” to show comparison. What happens if there are two distinct trends in the graph? Am I still able to use an overall trend description? b) Compare and contrast variables (e.g., Compare the prices of oil and rice from 1980 to 2000.) If we are required to compare variables, we should highlight both the similarities and differences in the variables. On the other hand, to contrast variables, we focus on the differences between the variable. In comparing and contrasting variables, the criteria for comparison should be clarified. Examples of the criteria can include: 1. Levels of variables – (variable) is higher/lower than (other variable) or both are the same 2. Trends of variables – (variable 1) is generally increasing while (variable 2) is generally decreasing or both are generally increasing/decreasing 3. Volatility of variables – (variable 1) is more/less volatile than (variable 2) or both are volatile/relatively stable In presenting your answer, you should do so criteria by criteria rather than variable by variable. For instance, Answer A: “Price of rice generally increased while the price of oil generally fell. At the same time, the price of oil was more volatile over the entire period compared to the price of oil.” Answer B: “Price of rice was generally increasing and did not fluctuate a lot whereas the price of oil was generally decreasing and was volatile.” Stating the refinement: “However, there is a(n) decrease/increase from (specific period) to (specific period).” “The largest increase/decrease occurs from (specific period) to (specific period).”

5 Both answers show that the student was able to read the trend and refinement in trend, but answer A is presented criteria by criteria (general trend and volatility) whereas answer B is presented variable by variable (price of oil and price of rice). Answer B (and variations of it) will warrant zero marks as no attempt is made at comparing the two variables. Tip: When stating the similarity or difference, you need to use phrases to show comparison of the trends. For similarity Use words like “both” or “all” if there are more than 2 trends. For difference Use words like “higher”, “lower”, “faster”, “slower”, “more” or “less”. Use words like “whereas”, “on the other hand” or “in contrast”. c) Describe a relationship between two variables (e.g., Identify the relationship between price and quantity of oil from 1980 to 2000.) In order to infer a relationship between two variables, we would need to observe the trends in the two variables and whether they move in the same or opposing directions. Generally, the two types of relationships between two variables we are concerned about are: 1. Direct relationship – Both variables move in the same direction. Terms like “proportional” is usually u