Extended Response Planning

Question 1

What are the 8 phases of an extended response?

Answer 1

1. The issue/economic problem (WHAT)
2. Analyse the data to justify (HOW) - Meaning, trends, quantify
3. Rationale (or reason) for government intervention (justification) (WHY)
4. Option 1 - positives and negatives of approach (use data)
5. Option 2 - positives and negatives of approach (use data)
6. Decision - based off stakeholders and critera, LINK TO QUESTION
7. Reasoning, through economic theory
8. Limitations of the approach

Question 2

What is the keypoint for each phase?

Answer 2

1. Problem
2. Data
3. Rationale
4. Option 1
5. Option 2
6. Decision
7. Reasoning
8. Limitations

Question 3

Plan your response step 1

(1) Problem

[what]

Answer 3

Identify and explain the issue/ economic problem

[WHAT] is the problem

Question 4

Plan your response step 2

(2) Data

[how]

Answer 4

Analyse data to justify (there may be a couple of soucres).

How do you know it’s a problem? LOOK IN THE SOURCES

[HOW] do you know it’s a problem

Trends, Quantify + Calculate, Make meaning (twice)

Question 5

Plan your response step 3

(3) Rationale

[why]

Answer 5

Rationale (or reason) for Government intervention (justification)

[WHY] should the Government get involved?

Question 6

Plan your response step 6

(6) Decision

Answer 6

Ensure that you consider stakeholders and criteria

Link Back To Question

Question 6

Plan your response step 4

(4) Option #1

Answer 6

Unpack positives and negatives of this approach (as informed by the data available)

Question 6

Plan your response step 7

(7) Reasoning

Answer 6

Provide reasoning linking data and economic theory.
Essentially, synthesise data. Bring in ideas.

Economic Ideas, at least two reasons.

Question 6

Plan your response step 5

(5) Option #2

Answer 6

Unpack positives and negatives of this approach (as informed by the data available)

Question 7

What is the first phase?

Answer 7

Identify and explain the issue/ economic problem

Question 7

Plan your response step 8

(8) Limitations

Answer 7

Limitations of the approach (or unknowns/ceteris paribus)

Question 8

What is the second phase?

Answer 8

Analyse data to justify (there may be a couple of soucres)

Question 9

What is the third phase?

Answer 9

Rationale - Rationale (or reason) for Government intervention (justification)

Question 10

What is the fourth phase?

Answer 10

Option #1 - Unpack positives and negatives of this approach (as informed by the data available)

Question 11

What is the fifth phase?

Answer 11

Option #2 - Unpack positives and negatives of this approach (as informed by the data available)

Question 12

What is the sixth phase?

Answer 12

Decision - Ensure that you consider stakeholders and criteria

Question 13

What is the seventh phase?

Answer 13

Reasoning - Provide reasoning linking data and economic theory

Question 14

What is the eighth phase?

Answer 14

Limitations - Limitations of the approach (or unknowns/ceteris paribus)

Question 15

How many phases are there?

Answer 15

Eight.

Question 16

What are the three parts of ‘analysing’?

Answer 16

1. Trends
2. Quantify + Calculate
3. Make meaning

e.g. Make Meaning - from the source, infer that [household demand is high]

Question 17

Who are the three steakholders

Answer 17

Business, Households, and Government

Question 18

What are the first three phases to your planning?

Answer 18

1. What
2. How
3. Why