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Home > Wednesday Wisdoms: Newsletter > Get Comfortable with Being Uncomfortable

Welcome to the 2nd 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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Get Comfortable with Being Uncomfortable for A-Level Economics Mastery
The 'everything app': Why Elon Musk wants X to be a Wechat for the west
Infographic of the Week
Chart of the Week
Macroeconomic Data

Get Comfortable with Being Uncomfortable for A-Level Economics Mastery

I totally get it!

Studying A-Level Economics is like preparing for a marathon.

The countless hours you need to put into study, the constant need for consistency - it's a huge commitment.

You're right in the thick of it, carrying the pressure, pondering over the potential pitfalls.

What if you don't make it?

What if you don't get into the university of your choice?

It's daunting, and it's supposed to be.

Here are 3 reasons why you might be struggling to get top grades in Economics:

  1. Lack of Consistency: You're studying in bursts before exams rather than maintaining a regular study routine.
  2. Shallow Understanding: You're focusing on rote memorisation, rather than developing a deep understanding of economic principles and their real-world applications.
  3. Poor Exam Techniques: You're struggling to effectively answer exam questions due to a lack of practice.

These issues can lead to disappointment, stress, and might even cost you your preferred university placement. But, they can be overcome!

Here's how you can overcome these challenges:

  • Promote Consistency: Establish a routine for yourself. Break down the subject matter into manageable parts and cover them gradually to reduce the pressure and the need for last-minute cramming.
  • Set Specific Goals: Set clear, attainable goals for each study session. These could range from going through a specific number of topics to completing a set of problems or writing an essay plan. If you manage to do more, it's a bonus.
  • Foster a Deeper Understanding: Employ active learning strategies, like learning through context and using elaboration. These techniques can help you understand concepts more deeply and see how they apply in various contexts.
  • Study Beyond the Classroom: Classroom time is limited. The most profound learning occurs when you apply lessons independently outside of school. Use high-quality resources that you're actually going to use like EdGenie for independent study to extend your learning beyond classroom boundaries. This fosters self-learning and reinforces your classroom teachings.
  • Enhance Your Exam Techniques: Practice regularly with exam-style questions from the very beginning. This helps you get familiar with the format, understand the marking criteria, a

Here's the thing: all these solutions require stepping out of your comfort zone. The path to success is paved with discomfort and challenges.
Embrace the discomfort. Train yourself to be comfortable with being uncomfortable. After all, every successful A-Level Economics student has endured the pressure and emerged stronger.
There are students from other sixth forms using EdGenie who dedicate 5-6 hours every day because they want to succeed! You're in the same arena, charting your own path towards your future.
Keep going. Keep pushing. You're on your way to becoming a success!

'The everything app': Why Elon Musk wants X to be a Wechat for the west

Summary:

  • Elon Musk is aiming to rebrand Twitter, which he acquired for $44bn, as "X" in an attempt to make it a western equivalent to China's "WeChat", a platform used for a multitude of purposes such as messaging, social media, payments, and more.
  • This intention was hinted by Musk when he said, “Buying Twitter is an accelerant to creating X, the everything app.” The plan is to add comprehensive communications and financial functionality to the platform.
  • WeChat, owned by Chinese tech giant Tencent, has partnered with smaller businesses to offer various mini apps within its platform, reaching 1.2 billion monthly users.
  • Despite the ambition, there are questions about the potential success of an "everything app" in the west due to well-established players like Google, Facebook, and Amazon in specific sectors of the digital economy. Furthermore, concerns are raised about trusting such a platform for financial transactions.
  • Despite these challenges, Musk insists that for the platform to avoid its "digital death", it must evolve. Twitter carries a debt burden of $13bn, and advertisers, its primary revenue source, have either stopped or sharply decreased their spending.

A Level Economics Questions:

Q: How does Elon Musk’s vision of an “everything app” reflect oligopolistic market characteristics?
A: Musk’s “everything app” idea reflects oligopoly traits through the consolidation of multiple markets, which could limit competition. The significant resources and technology needed to create such an app present high entry barriers, deterring new competitors.

Q: Analyse the potential impact of “X” on the technology sector and the overall digital economy.
A: “X” could reshape the tech sector and digital economy by pushing for a more consolidated, efficient digital platform model. This could spark innovation but also raise concerns about monopolistic behaviour, privacy, and reduced consumer choice.
Q: Discuss the regulatory challenges that an “everything app” like X might face in the western markets.
A: Regulatory challenges for “X” could include antitrust investigations due to potential monopolistic behaviour, privacy and data security concerns due to the vast amount of user data collected, and complex financial regulations if financial services are integrated.
Q: Evaluate the potential implications on competition if Twitter transforms into an “everything app” like X.
A: If successful, “X” could stimulate innovation as competitors strive to match it. However, it might also reduce competition by dominating various services and deterring new entrants with high entry barriers, leading to a more concentrated market with less consumer choice.

Possible A Level Economics 25 Marker Question

Evaluate the economic implications and potential success of Elon Musk's ambition to transform Twitter into "X", an "everything app". Consider the impact on competition, regulation, consumer trust, and technological advancement in your response.

Infographic of the Week

The Top Performing S&P 500 Sectors Over the Business Cycle

The business cycle fluctuates over time, from the highs of an expansion to the lows of a recession, and each phase impacts the performance of S&P 500 sectors differently.
And though affected sectors have different levels of average performance, any given period may see the outperformance of certain sectors due to external factors, such as technological advancements or high-impact global events (i.e. global pandemics, international conflicts, etc.)

Chart of the Week

This week's chart of the week highlights The Office for Budget Responsibility (OBR) publishing its analysis of the key risks confronting the UK public finances and long-term fiscal projections for the next 50 years.
As illustrated by this week’s chart, the OBR’s baseline projection suggests that the ratio of public sector net debt to GDP could rise from 101% of GDP in 2022/23 to 310% of GDP in 2072/73. The OBR also presented three alternate scenarios: the first is based on higher levels of spending, which could result in the ratio reaching 385% of GDP; one involves higher interest rates, where the ratio might reach 376% of GDP; and a further scenario assuming additional economic shocks, where the ratio might hit 435% of GDP.

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
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