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Home > Wednesday Wisdoms: Newsletter > Why Feedback Isn't Enough: A Game-Changer Below! 💡

Welcome to the 15th 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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Why Feedback Isn't Enough: A Game-Changer Below! 💡

Hey A-Level Economics Students 📚,You've heard about feedback, right? It’s when your teacher marks your work and tells you what you did right or wrong. But there’s a new term on the block: Feedforward. And trust me, it’s going to change the way you approach your essays.

So, what is Feedforward? 🤔

Instead of looking back on what you could've done, feedforward is all about the future. It focuses on suggestions for how you can improve in your next attempt. Instead of dwelling on the past, you prepare for the future. It's proactive, not reactive.

Feedforward vs. Feedback in A-Level Economics 📝

Imagine you’ve written a 25-marker on the impact of globalisation on UK businesses.
Feedback might look like:
"You didn't include enough real-world examples. Your evaluation was weak."

Feedforward, on the other hand:
"Try incorporating more real-world examples like how Apple's supply chain is affected by globalisation. When evaluating your point, question whether consumers actually benefited as greatly as you first thought in your analysis - e.g Still don't have much choice."

See the difference? Feedback tells you where you went wrong, while feedforward provides a clear path on how to ace it next time.

Why is Feedforward so effective? 🚀

  • It’s Forward-Looking: It’s all about preparing you for your next essay, not dwelling on past mistakes.
  • Specific Advice: Instead of vague comments, you get precise guidance.
  • Boosts Confidence: It offers positive and constructive steps, rather than a focus on shortcomings.

The EdGenie Approach 🧙‍♂️

This isn't just theory; it’s exactly how we mark your essays and exams on EdGenie. We believe in empowering you with actionable insights for your next attempt. And the results speak for themselves. Students who have their work marked using feedforward on EdGenie consistently outperform their peers. Don’t just take my word for it. Here’s a quick example:
Essay Question: Discuss the potential impacts of an increase in interest rates on UK households.
Feedback: "Your introduction was a bit unclear. The main points were missing."
Feedforward: "Start by defining interest rates. What were the most recent figures? What are the main reasons they have been increasing them since 2021? Then outline the main areas you'll discuss, like mortgages and savings for UK households."

Here's an example of how our feedforward looks in real life:

Next time you get an essay back, ask your teacher for feedforward, not just feedback. Let's keep our eyes on the prize and use every piece of work as a stepping stone to that top grade 🌟.
Until next time, keep writing, keep improving! ✍️


World Bank warns oil prices could reach $150 a barrel

Summary

💸World Bank's Warning: Potential for oil prices to rise to over $150 a barrel if Middle East conflict escalates.
Historical Context: The situation could be comparable to the oil crisis of the 1970s, pushing prices between $140 and $157 a barrel.
🌍In October 1973, Arab oil nations cut exports due to the Yom Kippur war, resulting in soaring prices.
Previous Global Shock: The recent Middle East conflict follows the Russian invasion of Ukraine, described as the "biggest shock to commodity markets since the 1970s".
Indermit Gill, World Bank chief economist, emphasised the lasting economic impacts of the Russia-Ukraine conflict.
⚠️Potential "Dual Energy Shock": Policymakers warned of a scenario impacting both oil and gas supplies, unseen for decades.
📈European Gas Prices: Saw a rise due to concerns over pipeline disruptions near the Gaza strip.
🛢️Current Oil Market:
🔍Oil prices steady at around $90 a barrel.
⬇️ Benchmark Brent prices dropped by over 1% to about $89 per barrel.
⬇️ Predictions suggest a fall to $81 a barrel if the Middle East crisis doesn't escalate.
🌐 Global Economy's Position:
Better equipped to handle a supply shock than during prior Middle East conflicts. However, still vulnerable due to last year's energy price hikes.
💰Inflation and Food Prices:
Increased energy prices can cause high inflation, as seen post Russia-Ukraine invasion. Ayhan Kose, deputy chief economist at the World Bank, stated: "Higher oil prices, if sustained, inevitably mean higher food prices."
By the end of 2022, over 700 million people, nearly 10% of the global population, were undernourished. Rising food prices may intensify global food insecurity.
🌈 World Bank's Best-Case Scenario:
Minor disruption with global oil supply dropping by 500,000 to two million barrels a day. Resultant oil price range: $93 to $102 a barrel.

A Level Economics Questions:

Q: Explain the potential impact of escalating conflicts in the Middle East on global oil prices.​​
A: Escalating conflicts in the Middle East can lead to disruptions in oil supply, given that the region is a major oil producer. According to the World Bank, if the conflict escalates, oil prices could potentially rise to over $150 a barrel. Historical events, such as the oil crisis of the 1970s, serve as a precedent, where geopolitical tensions led to significant cutbacks in oil exports, causing prices to surge.

Q: How can global conflicts, such as the one between Russia and Ukraine, lead to commodity market shocks?
A: Global conflicts can disrupt trade routes, damage infrastructure, and reduce investor confidence. The Russian invasion of Ukraine, described as the "biggest shock to commodity markets since the 1970s", had a significant impact on the global economy. Conflicts can lead to uncertainty, prompting investors to withdraw or withhold investments, leading to volatile commodity prices. Additionally, physical damages and interruptions can hinder the production and transportation of commodities.

Q: Analyse the potential impact of a severe oil-price shock on developing countries.

A: A severe oil-price shock can have a range of implications for developing countries. Firstly, many developing nations are net importers of oil. An increase in oil prices would lead to a rise in import bills, affecting their balance of payments. Secondly, higher oil prices can lead to inflation, as production and transportation costs rise. As Ayhan Kose stated, sustained higher oil prices would result in higher food prices. Given that food constitutes a significant portion of consumer expenditure in developing countries, this would further strain their economies. The article highlighted that by the end of 2022, over 700 million people were undernourished, and an escalation in oil prices could exacerbate food insecurity across the world, particularly impacting developing nations.

Q: Discuss the relationship between high energy prices and inflation, with reference to global supply and demand factors.

A: High energy prices, especially oil and gas, can lead to increased costs of production for a wide range of goods and services. When global supply is constrained, or demand surges unexpectedly, energy prices may rise sharply. This results in increased costs for manufacturers, transport providers, and many other industries. These increased costs are often passed on to consumers in the form of higher prices, leading to inflation. Furthermore, energy price increases can also have secondary effects on other commodities, such as food, reflecting the interconnectedness of global markets.

Key A Level Economics 25 Marker Question:

Evaluate the impacts of significant rises in global oil price. (25 marks)​

Infographic of the Week

Asia Dominates Growth of Global Middle Class in 2024

In 2024, the World Data Lab expects 113 million individuals to join the global middle class, defined by a daily spend of at least $12 (based on 2017's purchasing power parity). A staggering 81% of these new entrants will come from Asia, notably China (31 million) and India (33 million), both of which have large populations and increasing urbanisation rates. Following Asia, Africa, primarily driven by Egypt and Nigeria, is set to add significant numbers, with projections indicating their potential as top global economies by 2075. This upward shift in the middle class, particularly in Asian countries, aligns with the swift growth of e-commerce markets in the region.

Chart of the Week

Annual Inflation Projection Influenced by Energy Price Dynamics

The ONS disclosed a 6.7% annual consumer price inflation (CPI) rate for the year leading up to September 2023, influenced heavily by a significant 2.0% spike in October 2022, largely due to a 17% surge in electricity costs and a 37% rise in domestic gas prices. However, following Ofgem's recent decision to decrease the energy price cap by 7%, October 2023 might witness a reduction in inflation. Consequently, the anticipated yearly rate might decrease considerably, potentially aligning with the Prime Minister's desired 5.3% rate.

Macroeconomic Data


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I'm Emre, and I've got a big goal - to make A* education accessible to all A-level students.
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Emre Aksahin
Chief Learning Officer at Edgenie