Solving Economic Case Studies

Your economy case study is the presentation of a hypothetical situation similar to a real life circumstance found frequently in the field of economics. Professors assign case studies to give students an opportunity for practical application of theories discussed in class or read in textbooks. The key to being successful at solving case studies lies in knowing that there are generally more than one issues brought up in a case study. So, do not settle for the first issue you see, or with the easiest to address. The goal is to find out how observant you are, and how you would address those issues in real life.

The key to a good case study response is analyzing it thoroughly. One must be able to restate the facts, point out the issues of concern, present solutions to the issues, and associate the responses to the theories being discussed in class or read in your text. Now that you understand what a case study is and what is expected, it is important to know the steps required to accomplish these goals. There are six basic steps.

1) Read the case three times before you write anything. The first time, you are reading for information. The second time, you are reading for understanding. The third time, you are reading for clarity--this is when you highlight or take notes.

2) Determine the facts of the case. This is where you want to make a list of what you know, and what you are left to assume. When writing, only include the facts. Be careful not to mistake conjectures for facts. Facts are: what has happened. Conjecture can be thoughts, opinions, personal statements, and judgments; anything that is subjective.

3) Describe the issues. Not only do you tell what the issues are, but also explain why the issues are problematic. What may occur if they are left unattended? Be sure to go beyond the obvious.

4) Consider different courses of action to take that would be needed to address the issues. These should be grounded in theory. What are you being taught in class? What theories does your textbook espouse? This is where you show that you understand why this case study is relevant to your class.

5) Present the pros and cons of each alternative action. What happens if you take Y course of action? Or B or C?

6) Choose a course of action from the alternatives you presented, and explain why you chose it over the others.

Remember the case study is all about you. It allows you to demonstrate your understanding of material covered in class and your ability to apply what you have learned in practical situations.