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Home > Edgenie Sunday Schroll: Newsletter > Stop Wasting Time on Flashcards ⚠️ Use Them This Way Instead!

Welcome to the 73rd 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.

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Stop Wasting Time on Flashcards ⚠️ Use Them This Way Instead!

Hey Genies,


Let’s talk about flashcards. 🗂️

If you’re using them just to memorise content, you’re doing it wrong. 🙅‍♂️

Seriously, writing out your notes and definitions onto hundreds of flashcards isn’t productive.

You’re burning time and energy for very little payoff. 🔥⏳

Here’s the truth:

Flashcards aren’t bad—they’re just misused.

But when used the right way, they can amplify your understanding and supercharge your revision. 🚀

Here’s how you should be using them:

1️⃣ Diagrams (Not Generic Ones)

Use flashcards to master diagrams.

Not the static AD/AS ones you already know—but scenario-based shifts and adjustments.

For example:

On one side:
"What does the diagram look like for an increase in minimum wage?"

On the other side: Draw the diagram with the shift clearly labelled like below:

Or:

One side:
"What does allocative efficiency vs profit maximisation look like for a monopoly?"

Other side: Draw it.
This helps you connect diagrams to real-world exam questions. 💡


2️⃣ Exam Practice (Not Full Answers)

Instead of copying entire paragraphs, use flashcards to create mini essay plans.

For example:

Front: "Evaluate the impact of an increase in the national minimum wage."

Back: Your two to three priority points, evaluations, the diagram you'd use, and your judgement.

Like this:

Point 1
: Higher costs for firms and Reduced employment

Eval 1: Depends on the elasticity of demand for labour

Point 2: Improved consumer purchasing power/reduced poverty/inequality

Eval 2: Depends on Magnitude and whether firms just pass on costs in the form of higher inflation in the necessity goods

No full paragraphs needed—just bullet points. It’s quick, focused, and effective. ✅

Why This Works:

  • You save time by focusing on key points instead of rewriting everything.
  • You improve recall because you’re connecting questions with answers actively.
  • You reinforce application, which is what examiners reward.

This is what I teach my students on EdGenie, and it works.

You don’t need a million flashcards with definitions you’ll forget in a week. 🙅‍♀️

You need targeted, strategic revision that actually prepares you for the exam. 💪

We’re in the final stretch now. 🏁

Make every minute count.

If you need help crafting better study habits or refining your exam technique, join us on EdGenie.

I’ll make sure you’re maximising your time and smashing those questions. 🔥

Keep going, Genies—you’ve got this.

Best,

Emre

P.S.
Imagine spending 20 minutes creating three focused flashcards and nailing three questions instead of wasting time rewriting content. That’s the power of doing it right. 💡 Join EdGenie, and let’s get started. 🎓

Reversal of fortunes: Europe’s thriving south and stagnant north

Summary

💪 Survivor of Crisis – Yiannis Retsos, CEO of Electra Hotels, has endured over a decade of economic turmoil. His resilience stems from navigating Greece’s severe financial crisis.

🔥 Crisis-Ready
– Having faced economic hardships, Retsos believes he is well-equipped to manage crises. He sees adversity as a fundamental part of his leadership experience.

😔 Lost Generation
– Greek entrepreneurs like Retsos saw their ambitions crushed by the financial crisis. Many were forced to adopt a defensive business approach rather than expansion.

🌟 New Challenges
– With economic recovery underway, Greek business leaders must now adapt to new growth. After years of stagnation, they face the challenge of managing expansion.

🔄 Role Reversal
– Previously struggling economies like Greece, Portugal, and Spain are now driving growth. They have surpassed traditional powerhouses like Germany in economic performance.

🌍 PIIGS Turnaround
– Southern European countries, once labelled "PIIGS," are now among Europe’s strongest economies. They have rebounded from crisis through EU support and structural changes.

🚀 Growth vs Stagnation
– Since 2020, Spain, Italy, Portugal, and Greece have grown at 1.3% annually. Meanwhile, Germany’s economic activity has remained stagnant, with no significant growth.

🔮 Optimistic Forecasts
– The EU predicts Spain and Greece will grow by 2.3% in 2024, Portugal by 1.9%, and Italy by 1%. These countries now outperform some of Europe's historically dominant economies.

💶 EU Funds Boost
– Southern European countries benefit from large EU financial transfers. These investments have contributed to infrastructure development and economic recovery.

🏖️ Tourism Surge
– Spain and Greece have reported a surge in tourism, with arrivals increasing by double-digit percentages in 2024. The tourism sector remains a key driver of economic growth.

💰 Debt Concerns
– Despite economic recovery, Italy and Greece still struggle with high government debt. Their financial structures remain fragile, raising concerns about long-term stability.

🛑 Labour Market Issues
– Rigid labour laws and ageing populations pose challenges for growth in southern Europe. Workforce shortages in key sectors threaten to slow economic momentum.

⚖️ Short-Term or Permanent?
– Economists debate whether this growth marks a lasting transformation or a temporary rebound. Some argue structural inefficiencies could lead to future slowdowns.

📉 Germany’s Weakness Impact
– Italy’s northern industrial regions heavily depend on Germany’s manufacturing sector. A decline in German industry could negatively affect Italy’s economic stability.

😟 Greek Economic Reality
– Despite recent progress, Greece's economy remains 20% below its 2008 peak. Many citizens still experience financial strain, with wages struggling to keep up with costs.

🏗️ NextGenEU Programme
– The EU’s €800bn post-pandemic recovery programme is modernising infrastructure. Key investment areas include transport, digitalisation, and green energy projects.

🚄 Italy’s High-Speed Rail
– Italy is using €25bn from NextGenEU to upgrade its railway network. New high-speed train lines aim to improve connectivity between the country’s north and south.

📜 Administrative Reforms
– Italy and Greece are working to reduce bureaucracy and increase efficiency. Streamlining legal and administrative processes is expected to boost long-term competitiveness.

🔑 Reforms Over Money
– The Greek central bank suggests that structural improvements could lift GDP by 10% by 2040. Economic transformation depends on reforms rather than financial aid alone.

💼 Job Creation
– EU infrastructure projects have created much-needed employment in southern Europe. Specialised training programmes are equipping workers with skills for long-term job opportunities.

⚡ Renewable Leadership
– Spain generated 56% of its electricity from renewable sources in 2024. This marks the second consecutive year that renewables surpassed fossil fuels and nuclear power.

🌍 Green Investments – Spain attracted $33bn in foreign direct investment in 2024, primarily in renewable energy. It has become a leading hub for wind and solar power development.

🔋 Hydrogen Projects – Moeve is investing €3bn in Andalusia to develop green hydrogen infrastructure. The project aims to make Spain a key player in Europe’s energy transition.

🏭 Industrial Shift – Lower energy costs from renewables are attracting manufacturers to southern Europe. Companies seeking affordable green energy are relocating production to Spain and Portugal.

📈 Amazon’s Expansion – Amazon Web Services is investing €16bn to expand data centres in Spain. The country’s renewable energy capacity makes it an attractive location for large tech firms.

🛠️ Superbonus Scheme – Italy’s €220bn home renovation incentive boosted construction but strained public finances. The subsidy encouraged widespread building projects but led to budgetary concerns.

💸 Economic Distortion – Critics argue the scheme artificially inflated the construction sector. Many believe it diverted resources from more sustainable long-term investments.

🚨 Future Uncertainty
– Italy's reliance on German industry poses a risk as German manufacturing declines. A downturn in Germany could have ripple effects on Italy’s northern industrial regions.

🏗️ Labour Shortages
– Greece and Portugal face severe workforce shortages in key industries. High demand in construction and tourism is making it difficult to find skilled workers.

🏡 Soaring Costs
– Housing prices in Athens have skyrocketed, creating financial strain for workers. Many full-time employees struggle to afford rent, fuelling concerns of a "working poor" class.

🛬 Spain’s Migrant Labour Force
– Spain has relied on 700,000 migrants over the past three years to fill job vacancies. Many of these workers come from Spanish-speaking Latin American countries.

💼 Employment Gaps
– Spain has 150,000 unfilled job vacancies across multiple industries. The government sees migration as a key solution to sustaining economic growth.

🔧 Skills Shortages
– Greek tourism and construction firms are struggling to find skilled workers. Some businesses are even transporting labour from Athens to islands to meet demand.

🚜 Rural Decline
– Economic recovery in southern Europe is uneven, with rural areas lagging behind. Urban centres benefit most from EU investments, while rural regions face slow development.

📊 Long-Term Outlook
– While growth continues, structural weaknesses could limit sustained progress. Labour shortages, ageing populations, and bureaucracy remain key concerns for southern Europe.

A Level Economics Questions:

Q. Evaluate whether the economic recovery of southern European countries marks a structural shift or a temporary rebound.
A. The recent growth in Spain, Greece, Portugal, and Italy has been driven by EU investments, tourism, and a post-pandemic recovery. However, these economies still face high debt, rigid labour markets, and bureaucracy, which could hinder long-term growth. If reforms continue and industries diversify, this could indicate a structural shift. However, reliance on temporary factors like EU funds and tourism suggests the recovery may not be permanent. A long-term transformation requires sustained policy improvements and competitiveness gains.

Q. To what extent can large-scale government subsidies, such as Italy’s “Superbonus Scheme,” drive long-term economic growth?
A. The Superbonus Scheme boosted Italy’s construction sector by encouraging energy-efficient home renovations. In the short run, it created jobs and increased investment. However, the high fiscal cost (€220bn) strained public finances, and some argue it led to inefficient resource allocation. If subsidies crowd out productive investments or create artificial demand, long-term growth may be limited. Sustainable growth requires structural improvements rather than temporary financial incentives.

Q. Discuss the impact of tourism as a key driver of economic growth in Greece and Spain. Can economies overly reliant on tourism be considered stable?
A. Tourism significantly contributes to GDP in Greece (20%) and Spain, creating jobs and boosting local businesses. The sector’s strong post-pandemic rebound has fuelled economic recovery. However, overdependence on tourism can lead to vulnerability, especially during crises like COVID-19. Structural weaknesses, such as seasonality, job insecurity, and environmental concerns, also pose risks. A diversified economy with strong manufacturing and technology sectors offers greater long-term stability.

Q. How does the shift towards renewable energy in Spain create new economic opportunities, and what challenges might arise?
A. Spain’s investment in renewables has reduced energy costs, attracted foreign investment, and positioned the country as a leader in green technology. Companies like Amazon are expanding operations due to Spain’s low electricity prices. However, challenges include the high initial infrastructure costs, reliance on subsidies, and the need for a skilled workforce. If Spain successfully integrates renewables into its industrial strategy, it can achieve long-term economic resilience, but inefficiencies in the transition could slow progress.

Possible A Level Economics 25 Marker Question

Assess the risks of labour shortages in rapidly growing economies like Greece and Portugal. How can governments address these challenges?(25 marks)

Infographic of the Week

The Global Plastic Waste Crisis: Why Recycling Falls Short

Despite growing awareness, only 9% of global plastic waste was recycled in 2023, while 91% was incinerated, landfilled, or mismanaged. The United States, the world's largest plastic polluter, recycles just 5% of its household plastic waste. Recycling faces systemic flaws—most plastics are incompatible for reuse, making sorting costly and inefficient. Additionally, virgin plastic, often subsidised, remains cheaper than recycled alternatives, discouraging its use. The rise of flexible packaging further complicates recycling due to contamination and multi-layered materials. Tackling this crisis demands systemic change, including bans on single-use plastics, a global plastics treaty, phasing out fossil fuel subsidies, and extended producer responsibility. Without policy-driven innovation, our reliance on cheap and convenient plastics will continue to outweigh the urgent need for sustainable waste management.

Chart of the Week

Tesla and BYD Dominate a Third of the Global BEV Market

As of September 2024, Tesla maintained its position as the leading BEV manufacturer, though its market share declined from 19% in 2023 to 18% in 2024. Chinese automaker BYD saw substantial growth, increasing its market share by 9 percentage points between 2021 and 2024, but may slow its BEV expansion in favour of plug-in hybrids in 2025. Legacy automakers such as Volkswagen, Geely-Volvo, and SAIC held smaller shares, ranging between 7-8%. Tesla and BYD saw a 1 percentage point drop in their BEV shares between 2023 and 2024, potentially influenced by higher tariffs on Chinese-made vehicles. Despite 14 million EV sales in 2023, 84% of light vehicles still relied on combustion engines, with China leading in BEV exports and sales.

Macroeconomic Data


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Emre Aksahin
Chief Learning Officer at Edgenie