7.3.2 Data Interpretation

• Quantitative data includes numerical information such as GDP, inflation rates, and unemployment figures
• Primary data is collected directly by the researcher
• Understanding different data types is essential for interpreting economic information in GCSE Economics exams.


  True
• Graphs are effective for showing the relationship between two or more variables.


  True
• Steps to analyze trends in data:

  1️⃣ Plot the data on a time series graph

  2️⃣ Identify periods of increase, decrease, or fluctuation

  3️⃣ Use regression analysis to quantify the trend
• Cyclical trends show recurring peaks and troughs in a time series graph.


  True
• Match the data type with its characteristics:

  Quantitative Data ↔️ Precise and objective

  Qualitative Data ↔️ Subjective and insightful
• What are charts commonly used for in economic data presentation?

  Identifying trends and patterns
• Tables are effective for presenting precise numerical values and allowing easy comparison of data points.


  True
• An increasing trend is characterized by a positive slope in a time series graph.
• To analyze trends, you should first plot the data on a time series graph.


  True
• Regression analysis can be used to quantify the trend in a data set.
• Match the trend type with its identification method:

  Increasing Trend ↔️ Positive slope in a graph

  Decreasing Trend ↔️ Negative slope in a graph

  Cyclical Trend ↔️ Recurring peaks and troughs
• What is a major advantage of primary data over secondary data?

  Specific to needs
• Qualitative data is numerical and can be analyzed statistically.

  False
• Match the data type with its source:

  Primary Data ↔️ Questionnaires

  Secondary Data ↔️ Government statistics
• Charts use bars, lines, or pie slices to display quantitative information
• Tables organize data into rows and columns
• An increasing trend is identified by a positive slope
• Patterns in data can identify correlations between different variables
• Charts are useful for identifying trends, patterns, and relationships
• Graphs use a coordinate system with x and y axes to show relationships between variables.
• What determines the choice of data presentation method in economics?

  Type of data and insights
• What should you observe in a time series graph to identify a cyclical trend?

  Recurring peaks and troughs
• Secondary data may be outdated or not fit specific research needs.


  True
• When interpreting economic data, quantitative data provides numerical insights, while qualitative data offers non-numerical perspectives.
• What should you quantify to forecast future economic outcomes?

  Rate of change