Data sources — primary vs secondary?
Primary data collected for this specific purpose.
Interpreting tables — first step?
Identify what metric or data is being displayed.
GDP — purpose?
Measure economic output and growth.
Recession — characteristic?
Sustained decline in economic activity.
Inflation — main drivers?
Consumer confidence, wages, energy costs, exchange rates.
Unemployment rate — limitation?
Does not capture labour-market quality or underemployment.
Labour productivity — definition?
Output per unit of labour.
Comparing economies — indicators?
GDP, inflation, unemployment.
Living standards — material?
Income, consumption, tangible resources.
Budget balance — types?
Balanced, deficit, surplus.
Answer 10 questions on Understanding Economic Data and Policy.
1. Which statement best describes primary data?
2. Why does the origin and purpose of data matter when making a decision?
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