Data Interpretation and Analysis

    OCR
    GCSE

    Candidates must demonstrate the ability to manipulate, interpret, and evaluate quantitative economic data. This component assesses the conversion of raw data into index numbers, the distinction between nominal and real values, and the calculation of elasticity coefficients. Mastery requires the critical assessment of data limitations, statistical inference, and the application of quantitative evidence to support economic arguments regarding macroeconomic performance and microeconomic market structures.

    5
    Objectives
    4
    Exam Tips
    4
    Pitfalls
    3
    Key Terms
    4
    Mark Points

    Learning Objectives

    What you need to know and understand

    • Formula: Percentage Change = ((New Value - Old Value) / Old Value) x 100
    • Formula: Revenue = Price x Quantity
    • Distinction between Real (inflation-adjusted) and Nominal values
    • Understanding of Index Numbers and Base Years (Base Year = 100)
    • Mechanism of Supply and Demand diagrams: Equilibrium Price and Quantity

    Marking Points

    Key points examiners look for in your answers

    • Award marks for precise calculation of percentage changes, averages, and totals; working must be shown for full credit if the final answer is incorrect.
    • Credit responses that explicitly cite data points from the provided source material to support economic analysis (AO2).
    • Candidates must identify and explain trends, including positive/negative correlations and seasonal fluctuations, linking them to economic theory.
    • Award top-level marks for the evaluation of data limitations, such as the distinction between correlation and causation or the impact of inflation on nominal data.

    Examiner Tips

    Expert advice for maximising your marks

    • 💡Always quote specific figures from the source to support 'Explain' and 'Analyse' responses; general descriptions receive lower marks.
    • 💡Check the axis labels carefully; ensure answers reflect whether the data is in millions, billions, or index numbers.
    • 💡When asked to 'Calculate', clearly state the formula used and show the step-by-step working to secure method marks.
    • 💡In evaluation questions, critique the data source: Is it out of date? Is the sample size representative? Does it account for inflation?

    Common Mistakes

    Pitfalls to avoid in your exam answers

    • Confusing 'percentage change' with 'percentage point' difference.
    • Describing the shape of a graph (e.g., 'it goes up') without quoting specific figures or units.
    • Failing to distinguish between 'real' and 'nominal' values when interpreting time-series data.
    • Omitting units (e.g., £ billions, %) in the final answer of a calculation.

    Study Guide Available

    Comprehensive revision notes & examples

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    Key Terminology

    Essential terms to know

    Likely Command Words

    How questions on this topic are typically asked

    Calculate
    Using Figure X
    Describe
    Explain
    Analyse
    Evaluate

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