Data Skills for Applied Economists

Data for Applied Economists

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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?

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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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NOMIS Step-by-Step Example

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Scottish Government Step-by-Step Example

Interactive Graphs

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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.

Flourish | Data Visualization & Storytelling

Beautiful, easy data visualization and storytelling

flourish.studio

Flourish | Data Visualization & Storytelling

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Test out the graph from the video above:

Data for Applied Economists Flashcards

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Data for Applied Economists

Unemployment Rate

Unemployment rates are calculated as the number of unemployed people divided by the economically active population.

Panel Data

Panel data (or time series cross section) means that we have data from many units (Individuals, countries etc.), over many points in time.

Time Series

Time series analysis is a specific way of analysing a sequence of data points collected over an interval of time.

Cross-Sectional

a type of data collected by observing many subjects (such as individuals, firms, countries, or regions) at the one point or period of time.

Index

An index shows the development of a number over time. It shows the change of a figure from one point in time to another. The ‘base year’ is usually set to 100. An index value of 110 then indicates an increase by 10 % compared to the value in the reference period.