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This is my very first Internal assessment for eco and all I need to do is write the evaluation but could someone explain what in the long run and in the short run mean?

And also what else should I include on the evaluation?

Thanks ;)

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For an Economics IA (commentary), you would need to find an article, and evaluate it -- just like what you do in Paper 2.

1. Choose an article.

You need to find a good article in which there are a lot for you to comment on. It should not be too old, you can only use articles published 6 months before your course started onwards (eg. I started in June 2010, I can only use articles published in Jan 2010 until May 2012). Choosing an article is hard. Once you find an article, if it is a hard copy, scan it. If you found it from the net, convert it into a PDF.

2. Analyse your article.

What are the Economic concepts that you would need to explore? What are the Economic terms you need to define? What can you evaluate?

3. Start writing your commentary.

Define, diagram, evaluate, examples related to the article.

How do I write the commentary, though?

1. Define.

You need to give definitions of the economic terms that you should define. Since you are writing 3 commentaries, once you define a term in a commentary, if you use that term again in the next commentary, you do not need to define it again. I would recommend making a list of definitions you have written in your IAs everytime you write it, so in the future you can just look at it instead of re-reading your previous commentaries and look for definitions.

2. Diagram.

Draw a diagram when it is necessary. Same with definition, make a list of diagrams you have drawn, but for a different purpose. This allows you to just copy it more easily and then just change the labels, in case if you need the same diagram in another commentary. Do not forget to put a title. When you have a diagram, the next paragraph should be referring to the diagram and explaining it.

3. Evaluate.

- Advantages & Disadvantages, the positive and negative effects of such problem in the article

- Short Run & Long Run, explain the effects in SR&LR. Short run: when at least one factor is fixed. Long run: when all factors/variables have changed.

- Different Stakeholders Affected, who benefit from this, who make losses because of this, how they are affected.

- Prioritise your argument.

4. It must be well-structured and when you read it, there must be a flow, so it is very nice when you read it. Font is usually Arial 11 with 1.5 spacing, justify alignment. Diagrams should be 1/3 - 1/2 a page. You would need cover pages.

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