assignment economics

1

Name

Unit name

Unit code

Date

Question 1

Find the UK house price changes 1997-2008 and present the data on an appropriate graph

Source ( office of national statistics

1 (a ) explain clearly whether the data is primary or secondary (define these terms

The data used in developing the above graph is secondary since the data has been collected from journal published by office of national statistics . Primary data is data corrected personally by a researcher through such methods as interview , questionnaires and observation Secondary

data is an already available data not collected for specific problem in question . Sources of secondary data include government press official publication , magazine and journals (Iacoviello , M . 2005

2

1 (b ) discuss the reliability or otherwise of the data

As the data has been collected from the office of national statistic it is highly reliable as such data is collected by highly trained and competent staff and using the correct methodology in collecting the data . Furthermore there is less likelihood that such data is incorrect therefore can be used for further analysis

1 (c ) identify the main trends shown by the data

From 1997 to 2000 there was a gradual increase in house price but as from 2000 to 2007 house price increased steeply due to the boom in housing market . In comparing the house price between 2000 and 2007 the price was more than double as there was an increase in price by 125 However from the beginning of 2008 house price began to...