How to evaluate your mini essay questions in the ECON1 and ECON2 data response section of the exam paper. Why not jot ISWOT down on your exam paper to remind you?

1. Evaluating Exam Answers
ECON2In the Exam you will pick up marks for evaluating your answers, especially on the 25 Mark
mini essays. It can be confusing as to what to write, or how to go about evaluating your answers.
If you use ISWOT you, it should help you to remember what to write down
IMPACT
I
All decisions in economics are going to have an Impact, in evaluating you should
look to assess the size of the impact. For example a rise in VAT as an indirect Tax
is likely to have a bigger impact on the poorer in society than the richer in society
SHORT RUN / LONG RUN
S
Decisions are likely to have Short Run and Long Run impacts which you will need to
evaluate. For example a tax rise may in the short run affect the poor the hardest
but hopefully in the long run will improve public services via government spending
WINNERS & LOSERS
W
IN economics, policy is likely to have people who benefit more (Winners) and
people who are less well of (Losers) as a result. For example if the exchange rate
was to be weak, it would be good for exporters as the price of exports is now
lower. Losers on the other hand would be importers, as a strong pound has now
forced up the price of imports to the UK.
O
OTHER THINGS REMAIN EQUAL / OPPORTUNITY COST
In economics it is assumed that other things remain equal (ceteris paribas) but in
reality they don’t so you can mention this in your answer. Policy decisions will also
carry an opportunity cost which can be discussed as to what an opportunity cost
may be.
T
TIME LAG
Policy decisions are likely to have a time lag on them before they take effect. For
example if interest rates were cut it may take a while for people to stop saving and
borrow
Aquinas AS Economics
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@aquinaseconomic