Welcome to the 63rd edition of our Newsletter EdGenie's 📜 Sunday Scroll...

Every Sunday I send out actionable tips, tricks and real-world application insights from my 15 year experience coaching students to achieve As and A*s in their Economics A Levels via EdGenie.

Hey Genies, 🧞‍♂️

Let me tell you something I see all the time on EdGenie when I’m marking work. 📝

A lot of you just copy a sentence straight from the mark scheme, add maybe one more line, and then move on. 🚶‍♂️🚶‍♀️

Let’s be real – if you’re only giving one bullet point from the mark scheme with no development, you’re just scratching the surface. ✍️🧊

Yes, your answer might be correct, but that’s not enough for those top marks. 🏆

Here’s the reality: a correct answer doesn’t automatically mean a high-scoring answer. 🧠

You’ll maybe only score some knowledge marks – nothing more. 💡

Let’s look at an example. 👇

Question:

"Evaluate the factors that might influence the supply of labour in an occupation of your choice."
What you don’t want to do:

What you don’t want to do:

"Skills required – the cost and ease of education and training, qualifications needed, and the transferability of skills all affect the supply of labour."

 If you stop there, you’ve missed the mark. 🎯

Yes, it's accurate, but where’s the depth? 🤔

Now, here’s how you’d build on this point to actually get those higher marks. 🚀

 Example of a High-Scoring Answer: 🌟

"One significant factor that influences the supply of labour in a particular occupation is the level of skill required. High-skill jobs often require extensive education and training, which can be both costly and time-consuming. For example, to become a qualified doctor, individuals must undergo years of education and practical training, which requires a considerable financial investment. This high barrier to entry means that fewer people are willing or able to pursue this path, limiting the supply of labour in the medical profession. 👩‍⚕️👨‍⚕️

 Furthermore, the transferability of skills also plays a role. Occupations with highly specific skills, such as neurosurgery, have a less flexible workforce as these skills cannot easily be transferred to other roles. This lack of transferability reduces the likelihood of individuals entering the field if they are uncertain about job prospects, further restricting labour supply." 💼🔗

 Do you see the difference? 🤯

 We’re moving beyond just stating the point to exploring it in depth. We’re using examples, explaining the why and how, and linking it all back to the question. 🔍📊

And that’s exactly what gets you those A/A* marks. 🌟

 Mark schemes are there to guide you, but they’re not enough on their own. 🛠️ You have to build on those points, link your reasoning, and show examiners you can analyse and evaluate – not just repeat. 💬✅

Trust me, this is the difference between average answers and top-tier answers. 🏅

 Keep pushing for that depth, Genies. This is what will set you apart. 🌠

 P.S. If you’re struggling to take your answers to the next level, we’ve got you covered on EdGenie. Our feedback is tailored to help you master this exact skill. 💪

 Emre 🧞‍♂️

💰 Surplus Surprise: Ireland has a surplus of funds, partly from a €13bn tax windfall from Apple, equivalent to 4.8% of the country’s annual income.

📈 Booming Economy: Despite the windfall, Ireland’s economy was already in excellent health, with low inflation (below 2%), a stable job market (unemployment at 4.3%), and a projected 4.9% growth this year.

🏦 Corporate Tax Strategy: Ireland’s competitive 12.5% corporate tax rate, in place since the 1950s, helped attract multinationals, raising annual corporation tax receipts from €7bn in 2015 to €24bn last year. A modest increase to 15% was introduced in 2024 for large companies.

🏛️ Risky Reliance: However, ten firms make up 60% of corporate tax receipts, creating a vulnerable revenue base. To manage this, Ireland will channel the Apple windfall into a sovereign-wealth fund, inspired by Norway’s handling of oil revenues.

🎁 Election Giveaways: With elections looming, the government introduced a €250 energy credit, boosted child benefits, and raised tax thresholds, while increasing public infrastructure investment by €3bn.

🔥 Economic Tightness: Ireland’s tight labour market and limited slack mean that further spending or tax cuts could drive inflation up, presenting a complex challenge for Irish policymakers.
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Q.Why might Ireland’s reliance on corporate tax revenues from a few large multinational firms pose economic risks?
A. Reliance on a narrow tax base means that any downturn or regulatory changes affecting these firms could significantly impact Ireland’s tax revenue. Diversification is limited, so an economic shift or relocation of these companies could destabilise government finances and hinder public spending.

Q. How does Ireland’s corporate tax strategy illustrate the impact of fiscal policy on attracting foreign direct investment (FDI)?
A. Ireland’s historically low corporate tax rate of 12.5% has attracted multinational firms, boosting FDI and tax receipts. This policy illustrates how competitive tax rates can make a country attractive for investment, though it may create reliance on a small number of firms for tax revenue.

Q.Discuss the potential inflationary risks of increasing government spending in Ireland’s current economic climate.
A. With Ireland’s labour market tight and low unemployment, increased spending could lead to demand-pull inflation. Additional expenditure might increase aggregate demand in an economy already near capacity, pushing up prices and reducing the effectiveness of fiscal expansion.
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​Q. How might a global minimum corporate tax rate affect Ireland’s competitive position in attracting multinational firms?
A. A global minimum tax rate reduces Ireland’s advantage of a low tax regime, levelling the playing field internationally. While Ireland’s rate of 15% remains competitive, multinationals may look to other benefits, like skilled labour, rather than solely tax incentives, potentially shifting FDI patterns.

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