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Home > Wednesday Wisdoms: Newsletter > ⏰ Make Sure Your Exam Technique is Always On Point! 📈✍️

Welcome to the 43rd 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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Make Sure Your Exam Technique is Always On Point! 📈✍️

Hey Genies,

Many of you are sitting your exams now, whether it's A-Levels, AS-Levels, or Year 12 end-of-year exams.

I get asked, 'How much is exam technique worth in an exam?'

My answer? It's worth everything! It’s worth 100% of your exam.

If your exam technique is off, then your structure, explanations, evaluations, diagrams, and even your speed can be off.

This leads to lower marks.

Some INCORRECT advice I’ve heard recently includes:

  • You need to draw at least 8 diagrams in your 25 markers. 🖼️
  • Don’t use the most obvious points from the extracts because everyone will use them.
  • Write as many points as you can in your answers. ✏️
  • Don’t focus on multiple-choice questions for paper 3 (AQA and OCR). 🗒️
  • Do 3 macro and 3 micro points for the paper 3 25 markers (Edexcel). 📝

This incorrect guidance is being given to hundreds of students, and it shouldn’t be.

Take control of your exam technique and what needs to be done for your exam.

Of course, I'm here to support you because you can all achieve an A/A*, but make sure to do the following:

  1. Know how many marks per question and where you get the marks (knowledge, application, analysis, evaluation). 📊
  2. Know how long to spend on each question. ⏳
  3. Know the type of practice you need to do to prepare for the types of questions you're expecting. 🧠
  4. Know the structure, number of points, and the depth in which you need to answer each of those questions. 🛠️
  5. Use diagrams and context to build your answers. 📉
  6. Prioritise your points and build your answers accordingly. 🔝
  7. Build your analysis and specific evaluation in depth. 🔍

This is just the start. If you cover these points, you can easily nail the exams!

Trust in yourself, trust in your abilities, and take the responsibility required to excel in your exams!

You've got this!

Best,
​Emre

​Vet prescription fees could be capped by watchdog

Summary

🧐 Prescription Fee Cap Considered: The UK's Competition and Markets Authority (CMA) is contemplating capping vets' prescription fees as part of an in-depth investigation into the veterinary sector.

🔍 Formal Probe Launched: Amidst concerns of overcharging, the CMA advances a formal probe into the veterinary market, focusing on the affordability of pet treatments.

💸 Struggling Pet Owners: Reports have surfaced of pet owners struggling with high vet bills and being uncertain about the best treatment options for their pets.

🐾 Regulation Review Welcomed: The British Veterinary Association supports the review, highlighting that current regulations are severely outdated.
📈 Pet Ownership and Costs Rising: An estimated 16 million UK households own pets, with veterinary and pet service costs increasing by 50% since 2015, significantly outpacing general inflation.

🗣️ Public Feedback: A CMA survey with 56,000 responses from pet owners, vets, and charities indicates widespread concern about potentially excessive charges.

🛑 Transparency Issues: Early findings suggest pet owners often lack basic information such as online price lists and upfront treatment costs.

🕵️‍♀️ Investigation Underway: The CMA's formal investigation could lead to direct market interventions.

📋 Tips for Pet Owners: The CMA advises looking beyond the nearest vet, exploring alternative treatments, and considering external sources for non-urgent medications.

📉 Market Dominance Concerns: The vet sector, valued at £5.7 billion annually, is increasingly dominated by a few large firms, possibly stifling consumer choice.

🚫 Illusion of Competition: Many vet practices, despite being corporately owned, retain their original branding, potentially misleading consumers about their independence.

🔎 Inquiry Focus Areas:
The CMA will assess the adequacy of information for consumers, the impact of limited vet availability, profit levels, and the potential need for regulatory changes.

  🚨 Potential Remedies: Measures could include mandatory consumer information, maximum prescription fees, and possibly breaking up dominant businesses.

  😡 Abuse Towards Vets: Vets report abuse from pet owners, exacerbated by misunderstandings about veterinary costs compared to NHS treatments, high expectations from TV shows, and a lack of insurance.

A Level Economics Questions:

Q: Explain the significance of the Competition and Markets Authority (CMA) launching a formal investigation into the veterinary sector in the UK.
A: The significance of the CMA's formal investigation into the veterinary sector lies in its potential to address concerns about high costs and lack of transparency that affect pet owners. By formally investigating, the CMA can enforce changes, ensure fair pricing, and improve consumer information, which could lead to increased competition and better services in the veterinary market.

Q:Discuss the potential impact of imposing a cap on vets' prescription fees as considered by the CMA.
A:Imposing a cap on prescription fees could potentially make veterinary care more affordable for pet owners, thus enhancing access to necessary medical treatments for pets. However, it could also lead to unintended consequences such as reduced profit margins for vet practices, which might impact the quality of services or lead to reduced investment in the sector.

Q: Analyse the reasons behind the CMA's concern about the dominance of large firms in the UK veterinary sector.
A: The CMA is concerned about the dominance of large firms in the veterinary sector because this can lead to reduced competition, which may result in higher prices and less choice for consumers. The consolidation of vet practices into a few large corporate groups could also create an illusion of competition, as these entities might continue to operate under their original names, misleading consumers about the diversity of options available.

Q: How does the increase in pet ownership and veterinary service costs since 2015 impact the economic dynamics of the veterinary market?
A: The increase in pet ownership combined with a significant rise in the cost of veterinary services has likely expanded the economic size of the veterinary market, making it a lucrative sector. However, these changes also impose financial strain on pet owners, escalating the need for regulatory scrutiny to ensure fair pricing and prevent exploitation by dominant market players.

Possible A Level Economics 25 Marker Question

Discuss how the increasing market concentration in the veterinary sector, with a few large firms dominating the market, could affect consumer choice and pricing. 

Infographic of the Week

Global Retail Expansion: Leading Retailers and Their Worldwide Presence in 2023

In 2023, the world's top retailers continue to focus on international expansion as a crucial growth strategy, aiming to capitalise on untapped markets to boost their revenue and profit. Physical stores remain a significant contributor, accounting for 81% of global retail sales. The top international retailers, as listed by the National Retail Federation, include H&M, which leads with stores in 68 countries, followed by IKEA and Inditex. Notably, most of these globally dominant retailers are based in Europe. Fast-fashion leader H&M plans further expansion alongside strategic store closures, while IKEA progresses its footprint in emerging markets like India. Japan's Fast Retailing and the U.S.-based Apple also show significant international operations, emphasing the ongoing global influence of these retail giants.


Chart of the Week

Key Priorities for Enhancing EU Tourism: Insights from the 2024 European Accommodation Barometer

Smallholder farmers worldwide are facing a phenomenon known as "land squeeze," which is deepening rural poverty and land inequality. This issue is driven by the consolidation of large farms, leading to fragmented and smaller plots for smallholders. In Asia, land inequality has risen by 11% since 1980, and globally, 1% of the largest farms control 70% of farmland. According to the International Panel of Experts on Sustainable Food Systems' report, "Land Squeeze," factors such as land grabbing, green grabbing for carbon offset projects, industrial encroachment, and urbanisation contribute to this issue. These pressures diminish the access and control over land for farmers, Indigenous Peoples, and marginalised groups, threatening their livelihoods and food security. The report highlights that these processes are rooted in a history of dispossession and discrimination against smallholders and traditional communities.

Macroeconomic Data


Whenever you're ready there is one way I can help you.

If you or your child are looking to Boost your A level Economics Grades in under 30 days, I'd recommend starting with an all-in-one support network where you get 24/7 access to a SuperTutor:

Join EdGenie 🧞‍♂️: Transform your A-Level Economics essays and exam marks (genuinely) with our comprehensive on-demand learning platform. This carefully curated course blends engaging content with effective exam techniques, the same ones that have empowered over 1,000 of my students to achieve an A or A* over the last 13 years. 
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