Data Exercise #2 – enhance your skills at finding current economic

Data Exercise #2

Data Exercise 2

The purposes of the data exercises are to:

• enhance your skills at finding current economic data on the web;
• improve your skills at data presentation and explanation;
• provide you the opportunity to learn how to analyze economic data and, very importantly, to explain what it means— in short, turning data into useful information; and
• how to present that information to a reader in a clear and understandable form.

For Data 2:

Your objective is to compare two related economic variables and see if you can identify a relationship between them. You should first look at the variables separately, then in relationship to each other.

1. You will select two related economic variables that you have studied during the relevant weeks.
2. Find appropriate data on both variables.
3. Present that data in a clear graphic or tabular form (or both if appropriate).
4. Explain what the data shows—discuss/explain the data.
5. Explain what the data means—give meaning to what the data shows. 
6. Explain why it matters—what is the economic importance or usefulness of what you found in your data analysis and discussion.

Points 4 and 5 initially seem to be about the same thing and they are close in meaning. Point 4 is the process of walking the reader through the data presented in the table or graphic. Point 5 is explaining to the reader what that data means. In other words, tell the reader what the data is and explain what it means. Remember this is a process of giving meaning to data. Standing alone, data is just numbers. Your task is to give those numbers a context and a meaning that converts numbers into information.

Points to Remember:

• Stay calm, this is actually a fun assignment and a great learning experience, and it is not as daunting as it first appears.
• You have to have real world data; i.e., numbers.
• You have to have citations in the body of your report.
• Tables and graphics need a citation immediately following the table or graphic; if you create the table or graphic, then the citation is to the source of the data. 
• You need references at the end of the report.

Format Requirements:

• upload your report in MS Word format (.doc or .docx); if you use another format, ask before uploading to be sure I can open it;
• double space the paper;
• have a title page;
• have a reference page;
• excluding the title and reference pages, the report should be 3 to 5 pages; and
• if you use an appendix, that would be in addition to the 3 to 5 pages.

You have lots of choice as to your variables for the data exercises. If you want to email me your choices for some initial feedback before you get too far into the process, that will be fine. I’ll be happy to provide specific suggestions and guidance in response to your initial efforts, but I do not make the variable choices for you; that is part of the learning experience. 

Sources to use: 

https://www.bea.gov/data/gdp/gross-domestic-product