Rationale: This commentary enables students to demonstrate the application of their knowledge and understanding of economic theory

Fantastic news! We've Found the answer you've been seeking!

Question:

Rationale:
This commentary enables students to demonstrate the application of their knowledge and understanding of economic theory in relation to real-world situations.
Articles:
Students need to look for contemporary articles relating to current events, and these must be published no earlier than one year before the writing of the commentary.
The articles may be from a newspaper, a journal or the internet. Articles used must have been published no earlier than one year before the writing of the commentary. The article should be attached to the commentary.
The commentaries must use one key concept as a lens through which to analyse the published extracts.
Key concepts: scarcity, choice, efficiency, equity, economic well-being,
sustainability, change, interdependence, intervention.
Focus
• each commentary must explain the links between the article, a key concept
and economic theory taken from the syllabus on which the article is based
• demonstrate economic insights into the implications of the article (that is, it
should provide evidence of the group’s ability to discuss current events
from the point of view of an economist).
On each commentary students must record:
• the title of the article
• the source of the article (including date of access to the site if from the
internet)
• the date the article was published
• the date the commentary was written
• the word count of the commentary
• the content of the syllabus to which the article relates
• the key concept being used in the commentary
Word limit
The commentary must not exceed 800 words.
The following are not included in the word count.
• Acknowledgments
• Contents page
• Diagrams
• Labels—of five words or fewer
• Headings on diagrams—of 10 words or fewer
• Tables of statistical data
• Equations, formulae and calculations
• Citations (which, if used, must be in the body of the commentary)
• References (which, if used, must be in the footnotes/endnotes)
Please note that footnotes/endnotes may be used for referencing purposes only.
Definitions of economic terms and quotations, if used, must be in the body of the
work and are included in the word count. Please note that a citation is a
shorthand method of making a reference in the body of the commentary, which is
then linked to the full reference in the footnotes/endnotes
Rubric
Criterion
Criterion A
Criterion B
Criterion C
Criterion D
Criterion E
Commentary section
Diagrams
Terminology
Application and analysis
Key concept
Evaluation
Total
Marks
3 marks
2 marks
3 marks
3 marks
3 marks
14 marks
Criterion A: Diagrams
This criterion assesses the extent to which the group is able to construct and
explain diagrams.
Marks Descriptor
0
1
2
3
The work does not reach a standard described by the descriptors below.
Relevant diagram(s) are included but not explained, or the explanations are
incorrect
Relevant, accurate and correctly labelled diagram(s) are included, with a limited
explanation.
Relevant, accurate and correctly labelled diagram(s) are included, with a full
explanation.
Criterion B: Terminology
This criterion assesses the extent to which the group uses appropriate economic
terminology
Marks Descriptor
0
1
2
The work does not reach a standard described by the descriptors below.
Economic terminology relevant to the article is included in the commentary.
Economic terminology relevant to the article is used appropriately throughout the
commentary
Criterion C: Application and analysis
This criterion assesses the extent to which the group recognizes, understands,
applies and analyses economic theory in the context of the article.
Marks Descriptor
0
1
2
3
The work does not reach a standard described by the descriptors below.
Relevant economic theory is applied to the article with limited analysis
Relevant economic theory is applied to the article throughout the commentary with
appropriate economic analysis.
Relevant economic theory is applied to the article throughout the commentary with
effective economic analysis.
Criterion D: Key concept
This criterion assesses the extent to which the group recognizes, understands and
links a key concept to the article.
Marks Descriptor
0
1
2
3
The work does not reach a standard described by the descriptors below.
A key concept is identified and there has been an attempt to link it to the article.
A key concept is identified and the link to the article is partially explained.
A key concept is identified and the link to the article is fully explained.
Criterion E: Evaluation
This criterion assesses the extent to which the group’s judgments are supported
by reasoned argument.
Marks Descriptor
0
1
2
3
The work does not reach a standard described by the descriptors below.
Judgments are made that are supported by limited reasoning.
Judgments are made that are supported by appropriate reasoning.
Judgments are made that are supported by effective and balanced reasoning