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Home > Wednesday Wisdoms: Newsletter > Post-Mock Reflections: What should you do?

Welcome to the 29th 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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Post-Mock Reflections: What should you do?

Hi Genies,

As many of you have recently sat through your mocks or are just about to, it's crucial to remember that these aren't just a trial run for the real deal but a pivotal moment for reflection and strategy adjustment.

Whether you've just breezed through your mocks with flying colours or found yourself stumbling a bit, there's a gold mine of insights waiting for you in those papers.

Let's dive into how you can leverage your mock results to supercharge your revision strategy, no matter the outcome.

If You've Excelled 🌟:

First off, brilliant work! But let's peel back the layers of your success:
  • Analyse Your Strengths: Pinpoint exactly where you shone. Was it economic theories based or did you structure your 25 markers well, or perhaps your ability to apply concepts to real-world scenarios? Understanding why you excelled is as crucial as the high marks themselves
  • Replicate Your Success: If your victory was due to rigorous practice or deep dives into specific topics, it's time to extend this approach across the board. Apply the same level of diligence to areas you're less confident about.
  • Scrutinise for Complacency: Success can sometimes mask areas of potential improvement. Was there a bit of luck involved with topics you were well-prepared for appearing? Ensure your preparation is holistic, covering all bases, not just your strong suits.

If You Didn't Do As Well As You Hoped 🚧:
Don't fret; this is merely a bump on the road to success:
  • Identify the Missteps: Where did things go awry? Was it a lapse in applying concepts correctly, did certain topics throw you off or were you unable to come up with points for the big questions? Pinpointing the problem areas is your first step towards turning things around.
  • Target Your Weaknesses: Once you've identified where you lost marks, it's time for targeted practice. Whether it's refining your chains of reasoning or getting to grips with evaluation, focus your revision on these areas.
  • Embrace a Growth Mindset: View each mistake as a stepping stone towards mastery. Every incorrect answer or misunderstood concept is an opportunity for growth. Seek feedback, ask questions, and use resources like EdGenie to fill in the gaps.


For Everyone:

Mocks are a snapshot, not the full picture. Whether you're riding high or feeling the sting of disappointment, remember, the real exam is still ahead. Use this time wisely:

  • Feedback is Your Friend: Dive into your practice questions and papers with a critical eye. Feedback, whether from your teachers, tutors, or EdGenie, is invaluable.
  • Adopt a Balanced Approach: Don't just focus on rectifying weaknesses; ensure you're also enhancing your strengths. A balanced revision strategy is key to a well-rounded performance.
  • Practice Makes Perfect: There's no substitute for practice. Engage with a variety of question types and difficulties to build your confidence and competence.

Remember, mocks are not the endgame; they're a crucial part of your journey, providing insights and opportunities to fine-tune your approach. Whether you need to maintain your momentum or pivot your strategy, now is the time to act.

With the right mindset and strategy, you're not just preparing for exams; you're laying the groundwork for success in economics and beyond.

Keep pushing, Genies. Your A or A* isn't just a dream; it's within reach.

Best,
Emre


​UK economy falls into recession, adding to Sunak's election challenge

Summary

📉 Recession Strikes: The UK economy has officially entered a recession, shrinking by 0.3% in Q4 of 2023 following a 0.1% contraction in Q3, with the downturn being steeper than many economists predicted.
💷 Currency Reaction: The British pound has weakened in response to the latest GDP figures, as market speculation grows regarding potential Bank of England interest rate cuts in 2023.
🗳️ Political Pressure: Prime Minister Rishi Sunak faces heightened scrutiny amidst economic decline and by-election challenges, with the Labour Party now leading in economic trust according to polls.
🏠 Household Strain: UK households are set to experience an unprecedented dip in living standards between elections, a first since WWII.
📊 Economic Stagnation: The British economy has seen nearly two years of stagnation, with only a marginal 0.1% growth in 2023 compared to 2022.
🏦 Rate Cut Speculation: With inflation persisting at 4.0%, yet below expectations, investors are betting on a potential Bank of England rate reduction by mid-year.
🏗️ Sectoral Slump: Significant contributors to the GDP decline include manufacturing, construction, and wholesale sectors.
📈 Hunt's Optimism: Finance minister Jeremy Hunt remains optimistic, citing signs of economic recovery and maintaining his plan to cut taxes on work and business.
🔎 BoE's Cautious Stance: Despite the recession, the Bank of England is cautious about rate cuts due to strong wage growth, seeking more evidence of subsiding inflation pressures.

A Level Economics Questions:

Q: Discuss the potential impact of interest rate cuts by the Bank of England on the UK's recessionary economy.
A:Interest rate cuts by the Bank of England can stimulate economic activity by making borrowing cheaper for households and businesses, encouraging spending and investment. In the context of the UK's recession, a cut could help to boost growth by increasing consumer spending and business investment. However, if inflation is still a concern, the effectiveness of rate cuts could be limited, as they can also stoke inflationary pressures.

Q: Analyse the role of exchange rates in the context of the UK's economic contraction, as mentioned with Sterling weakening against the dollar and the euro.
A: A weaker Sterling can have both positive and negative effects on the UK economy. On the one hand, it makes UK exports cheaper and more competitive abroad, potentially boosting export volumes. On the other hand, it increases the cost of imports, contributing to inflationary pressures and decreasing consumer purchasing power. Given the UK's recessionary context, the negative effects might outweigh the positives if the cost of imports significantly impacts household and business costs.

Q: Evaluate the significance of GDP per capita not growing since early 2022 for the UK economy.
A: GDP per capita not growing since early 2022 signifies stagnation in economic productivity and living standards on a per-person basis. This prolonged stagnation indicates that, despite any overall GDP growth, the economic benefits are not translating into improved welfare for the average citizen. This could lead to increased inequality and social discontent, further exacerbating the economic challenges faced by the UK.

Q: Critically assess the statement by Finance Minister Jeremy Hunt that the British economy is "turning a corner," in light of the economic data provided.
A: Finance Minister Jeremy Hunt's statement that the British economy is "turning a corner" seems optimistic given the economic data. Although there are signs of slight economic growth in 2023 compared with 2022, the UK still entered a technical recession in the latter part of 2023, and GDP per capita has not grown since early 2022. Moreover, with significant challenges such as inflation, interest rate concerns, and a weak Sterling, it may be premature to assert a strong recovery without more sustained and robust indicators of economic improvement.

Possible A Level Economics 25 Marker Question

Discuss the effectiveness of fiscal policy measures proposed by the Finance Minister to address the recession and stagnation in the UK economy.

Infographic of the Week

Global Consumer Dynamics: The Shifting Landscape of Consumerism by 2030

Despite the global consumer class being projected to expand by over 100 million in 2024, a striking demographic shift is underway, leading to a reduction in consumer numbers within several key economies by 2030. Data from the World Data Lab in 2023 highlights Japan's significant expected decrease by 3.6 million, attributed to a low birth rate and an aging population, impacting its workforce and consumer base. Italy faces a "national emergency" with consumer numbers expected to fall by 480,000, driven by record-low birth rates. Other European nations, including Germany and Portugal, as well as Taiwan and Bulgaria, are also facing reductions in their consumer class sizes due to aging populations, declining birth rates, and emigration of the working-age population. This demographic shift signals a change in demand towards healthcare, leisure, and retirement services, as the average age of the consumer increases.

Chart of the Week

Scrutiny on Bottled Water Giants Amidst Illicit Purification Practices

In a recent exposé by Le Monde and Radio France, it has emerged that major bottled water brands, including Nestlé Waters’ Perrier, Vittel, Hépar, and Contrex, have been employing forbidden purification methods such as ultraviolet and activated carbon filtration. This revelation has surfaced despite stringent French regulations that disallow the disinfection of mineral waters to preserve their natural microbiological integrity. The French government has been cognizant of these breaches since August 2021 but has maintained a low profile in managing the fallout. Amidst this controversy, the global bottled water market continues to flourish, with Coca-Cola’s Dasani and Danone’s Evian leading the sector, contributing to an industry where sales are expected to surge past $360 billion by 2024, marking a significant 60 percent increase over the decade.

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