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Enhancing Economic Analysis Skills: A Guide to Success in Assessments

This guide outlines essential skills for successful economic analysis, emphasizing the importance of critical thinking, data analysis, and effective communication. It covers key abilities such as abstracting and simplifying complex problems, analyzing qualitative and quantitative data, and conveying results to diverse audiences. Additionally, it discusses the significance of understanding the socio-economic context and evaluating policy outcomes. The findings from the EAC assessment matrix highlight the importance of grasping fundamental principles, which significantly impacts candidates' success rates.

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Enhancing Economic Analysis Skills: A Guide to Success in Assessments

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  1. www.ges.gov.uk

  2. “A large degree of continuity with the previous specification”

  3. ..the ability to • abstract and simplify in order to identify and model the essence of a problem. • analyse and reason - both deductively and inductively. • marshal evidence and to assimilate, structure, analyse and evaluate qualitative and quantitative data. • communicate results concisely to a wide audience, including those with no training in economics. • think critically about the limits of one's analysis in a broader socio-economic context. • draw economic policy inferences, to recognise the potential constraints in their implementation and to evaluate the efficacy of policy outcomes in the light of stated policy objectives.

  4. EAC ASSESSMENT MATRIX (2007) Technical Policy SAQs Presentation Interview Average mark Knowledge Application Communication Written Written Oral Oral Pass/Fail Rating scale 1-5, 1 poor, 2 developable 3 required standard 4 consistently good 5 consistently excellent

  5. Degree Class Economic Assessment pass rate % Total Sample 1 55 262 2.1 37 346 2.2 (with Masters) 44 13

  6. University Type Pass rate % Total OXBRIDGE 70 70 RUSSELL 48 268 OTHER UK 38 229 NEW 33 53 OVERSEAS 34 82

  7. The majority of candidates fail because they do not understand fundamental principles, concepts and analyses and hence find them difficult to apply and easy to forget.

  8. Success: Applying opp cost to an asset Failed EAC 30% Passed EAC 56%

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