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.

"How did Brexit affect the British economy?" - Brexit led to uncertainties in trade agreements, impacting sectors reliant on exports and imports.

"Why did this happen?" - The UK had to renegotiate trade terms with many countries, leading to initial hesitations in investments.

"What if the UK had a pre-determined trade agreement with major trading partners?" - It could have potentially mitigated some of the economic shocks.

In conclusion, the Elaboration Technique isn't just a study tool – it's a way to immerse yourself fully in the fascinating world of Economics. By continuously seeking to understand the deeper 'why' and 'how' behind each topic, you're setting yourself up for A-Level success and beyond

Q:Discuss the potential benefits and drawbacks for an economy when its currency depreciates.
A: Benefits of a depreciating currency include increased competitiveness in international markets as exports become cheaper, leading to a potential rise in export volumes and possibly improving the trade balance. It can also boost domestic production as imports become more expensive, promoting the consumption of domestically produced goods. However, drawbacks include increased costs of imports, which can raise production costs for firms relying on imported inputs and potentially fuel inflation. Moreover, a weaker currency might deter foreign investment if the country is perceived as economically unstable.

Q: How can changes in global commodity prices impact the value of imports for a country?
A: Changes in global commodity prices can have a direct effect on the cost of imports. If global prices for commodities (like oil and gas) fall, even if a country's currency has weakened, the cost of importing these goods might still decrease or remain stable. This can lead to a reduced value of imports, which can positively impact a country's trade balance, especially if exports are rising simultaneously.

Q: Analyze the significance of tourism in economic recovery, particularly in the context of Japan's recent tourism statistics.
A: Tourism plays a significant role in economic recovery, especially for countries where tourism is a major contributor to GDP. Tourists bring foreign currency, which helps improve the trade balance, supports local businesses, and creates employment opportunities. In Japan's context, the number of foreign visitors recovering to over 70% of pre-pandemic levels suggests a resurgence in this vital sector. The lift on group travel bans by China, a major contributor to Japan's tourist spending, further augments this recovery, potentially offsetting other economic challenges such as reduced domestic consumption.