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Home > Wednesday Wisdoms: Newsletter > ⏰ Don't Wait Until Last Minute...

Welcome to the 33rd edition of Wednesday Wisdoms by EdGenie!

Every Wednesday I send out actionable tips, tricks and real-world application insights from my 13-year experience coaching students to achieve As and A* in their Economics and Business A Levels.

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Don't Wait Until Last Minute ⏰

Genies,
With exams just a few weeks away, I’ve had a student reach out with a question that hit a nerve:
"Will you be doing last-minute revision session on TIKTOK for predicted hot topics the day before the exam?"

My first thought...

...why does it have to be last minute?


Let's unpack why this is a risky strategy. 📦

Relying on last-minute predictions is like gambling
.

Sure, I could share my insights on potential exam topics hours before the test, but here’s the thing – that’s too little, too late. ⏰

Your preparation should be proactive, not reactive. Here's why:

  1. The Surprise Factor: Exams can be unpredictable. Waiting for a hot tip means you’re not ready for what's to come. 🎲
  2. Deep Understanding Takes Time: Grasping complex topics like market failure in the fast fashion industry or monopoly regulation isn’t a cramming affair. It requires weeks, if not months, of diligent study and practice. 📚
  3. Confidence in Knowledge: You should walk into the exam hall armed with a thorough understanding of potential hot topics, ready to tackle any question with confidence. 💪
Don’t wait for a saviour the night before. Be your own hero in this academic journey. 🦸
 
Here’s what to do instead:
📆 Start Early: Begin revising hot topics well in advance. We went through them EdGenie already and will be doing it again during the Easter Accelerator. Make it part of your study routine.
🔄 Continuous Practice: Don’t just read – practice. Write essays, draw diagrams, answer data response on hot topics.
🤝 Seek Help: If there are topics you’re unsure about, get help now. Don’t hesitate to reach out to teachers, tutors, or use platforms like EdGenie for guidance.

 We ran through these a little while ago. You should do the same!

Remember, there are no shortcuts to acing your A-Level Economics.
The work you put in months before will determine the grade printed on your results slip.
So, start today, keep the momentum, and let's smash these exams with the might of your well-earned knowledge!

Go Win the Day Genies

Emre

​Fast fashion: the French are bringing Shein and Temu to heel. Can Britain follow suit?

Summary

🛍️ France Takes Action Against Fast Fashion: French lawmakers unanimously passed a bill imposing increasing penalties on fast fashion, with fines up to €10 per item by 2030 and a ban on advertising. This move targets the harmful practices of the industry, emphasising France's commitment to environmental and human rights.

👢 Low Point for Fast Fashion:
A promotional offer of $0 faux fur boots by Chinese retailer Temu exemplifies the industry's trend towards even more disposable fashion, highlighting the aggressive marketing tactics used to gain market share.

🏭 Industry Impact:
Fast fashion's emphasis on quick, cheap production has led to significant environmental and human rights concerns. The industry relies on synthetic materials and cheap labor, contributing to overconsumption and waste.

🇫🇷 French Luxury Sector's Defence: France's luxury goods sector, known for its emphasis on quality and sustainability, is responding to the threat posed by discount retailers like Shein and Temu by leveraging AI in product development and distribution.

♻️ France's Proactive Measures:
Beyond penalties, France encourages sustainable practices through a repair scheme, offering up to €25 for garment repairs. This initiative reflects France's holistic approach to combating fast fashion's negative impacts.

 🇬🇧 Britain's Uncertain Stance: With Shein eyeing a multibillion-pound IPO in London, the UK's response to the fast fashion dilemma remains to be seen. Jeremy Hunt's welcoming attitude towards the IPO contrasts with the need for stricter regulation of the industry's environmental and ethical practices.

A Level Economics Questions:

Q: Explain how the imposition of tariffs on fast fashion items by the French government could affect the supply and demand of such goods.
A:The imposition of tariffs on fast fashion items in France is likely to decrease the supply of these goods because it increases the cost for producers to sell these products in the French market. As a result, the supply curve for fast fashion items would shift to the left, indicating a decrease in supply. On the demand side, the higher prices resulting from tariffs could lead to a decrease in demand for fast fashion items, as consumers may seek more affordable alternatives or reduce their consumption of such goods altogether. This shift in demand would be represented by a movement along the demand curve to a lower quantity demanded.

Q:  Discuss the potential environmental and social benefits of France's proposed ban on fast fashion advertising.
A:France's proposed ban on fast fashion advertising could have several environmental and social benefits. Environmentally, it could lead to a reduction in the production and consumption of fast fashion items, which are often made from synthetic materials that are not biodegradable and difficult to recycle. This could decrease the environmental footprint of the fashion industry by reducing waste and the use of resources. Socially, the ban could encourage consumers to adopt more sustainable consumption habits, such as purchasing higher-quality items that last longer, or using repair services. This shift in consumer behavior could also reduce the demand for cheap labor, potentially improving working conditions in the industry.

Q: Evaluate the effectiveness of extended producer responsibility (EPR) schemes, with reference to France's approach to fast fashion.

A: France's implementation of EPR schemes, which penalise companies for not considering the product lifecycle after the point of sale, can be highly effective in addressing the negative impacts of fast fashion. These schemes encourage producers to take responsibility for the entire lifecycle of their products, from design to disposal. This can lead to more sustainable production practices, such as the use of recyclable materials and the design of products for longer lifespans. Additionally, EPR schemes can incentivise companies to invest in recycling and repair services, as seen in France's garment repair scheme. The effectiveness of these schemes lies in their ability to shift the environmental costs back onto producers, encouraging a move away from the throwaway culture associated with fast fashion.

Q: Discuss the role of AI-driven product development in the luxury goods sector as a response to the challenges posed by fast fashion.
A: AI-driven product development plays a crucial role in the luxury goods sector's response to the challenges posed by fast fashion. By leveraging AI, luxury brands can enhance efficiency and cost-effectiveness in their production processes without compromising on quality. This approach allows them to compete more effectively against fast fashion retailers, who prioritise speed and low costs. AI can help luxury brands forecast trends more accurately, optimise inventory, and personalise customer experiences, thereby maintaining their competitive edge and appeal. The luxury sector's adoption of AI as a tool to counteract the fast fashion model underscores the industry's commitment to innovation while upholding the values of quality and sustainability.

Possible A Level Economics 25 Marker Question

To what extent do you agree that extended producer responsibility (EPR) schemes, similar to those implemented by France, are a viable solution for mitigating the negative externalities associated with the fast fashion industry?

Infographic of the Week

The AI Revolution: A Snapshot of Occupational Shifts

Large language models and other AI technologies are set to transform or even fully automate a substantial portion of occupational tasks, especially those involving language. IT and finance sectors are at the forefront, anticipating a major overhaul with 73% and 70% of their tasks, respectively, projected to be heavily influenced by AI. Tasks such as software quality assurance and customer support in IT, along with bookkeeping and accounting in finance, could soon be the domain of AI. Other sectors like customer sales, operations, HR, marketing, legal, and supply chain are also on the cusp of significant change, albeit to varying degrees. The least affected will be supply chain tasks, with a notable 39% predicted to remain unchanged. This pioneering analysis, assessing over 19,000 job tasks, indicates an impending renaissance in the workforce, heralded by the integration of AI.

Chart of the Week

Japan's Economic Revival: Bidding Farewell to Negative Interest Rates

After eight years, Japan has terminated its negative interest rate policy, a bold measure initially adopted to combat persistent deflation and encourage economic growth. The Bank of Japan's historic decision follows sustained signs of core inflation consistently meeting their 2% target, attributed to a positive wage-price cycle. The move marks Japan's departure from the diminishing global league of economies with zero or negative rates, as it has witnessed its most prolonged phase of above-target inflation since the turn of the century. This turnaround was bolstered by record wage increases secured by Rengo, signaling a potential end to decades of deflationary challenges.


Macroeconomic Data


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A huge thanks for hopping on board EdGenie's Wednesday Wisdoms newsletter! 
I'm Emre, and I've got a big goal - to make A* education accessible to all A-level students.
And it Starts With You!

Emre Aksahin
Chief Learning Officer at Edgenie