Data Skills for Applied Economists
This section seeks to increase student’s confidence in sourcing, handling, visualising and analysing economic data for their SQA Higher Economics Exam.
Sourcing Economic Data
Why is correctly sourcing data important?
In the SQA Higher Economics Assignment, 3 marks are available for explanations of suitability of research sources. Quality data is crucial to make your arguments credible and convincing.
How can we assess suitability of research sources?
- Is it timely and up-to-date?
- Is it accurate?
- Is it complete?
- Is it concise?
- Is it objective/unbiased?
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Handling Economic Data
When handling economic data, ask yourself:
- What kind of graph do I need?
- Add Chart Elements: Title, Axes, Axis Titles and Annotations.
- Is the scale correct?
- Use colours to draw attention to key data
- What conclusions can be drawn? Is this clear?
Time-series
Cross-sectional
Download the excel spreadsheet used in the above videos here:
Data For Applied Economists - Time Series, Cross Section.xlsx26.8KB
Indexing Data
Indexing allows us to set variables to the same starting point and compare their deviation from this point. This is useful when dealing with panel data.
Download the excel spreadsheet used above here:
Data for Economists Indexing.xlsx30.8KB
Data as a % of GDP
Economic statistics often refer to variables as a % of GDP. This allows us to view data in proportion to the size of the economy. For example, as we saw in the 
Budget section, a countries debt level is often measured as a % of GDP. This is because rising debt levels over the long run are manageable as long as the economy is also growing.
Budget section, a countries debt level is often measured as a % of GDP. This is because rising debt levels over the long run are manageable as long as the economy is also growing. - This means that debt levels could rise consistently, but for as long as GDP increases by the same proportion, the debt-to-GDP ratio would remain constant.
Download the excel spreadsheet used above here:
GlobalDebtDatabase.xlsx2203.6KB
Interactive Graphs
This resource uses interactive graphs made on Flourish. Try out their web app for yourself and explore different ways to tell a story with your data.
Test out the graph from the video above: