A Level Economics

update
Spring 2024 Issue 5

Contents:
BIG IDEAS IN ECONOMICS – EQUILIBRIUM
EXAM TECHNIQUE – ADDRESSING SUBTLETIES IN QUESTIONS
LAST WORD – ANITA SUMMERS AND ROBERT SOLOW
QUANTITATIVE SKILLS – ELASTICITY
THE BABY FORMULA MARKET
REVISION STRATEGIES
ALTERNATIVES TO UNI – APPRENTICESHIPS
UK AND WORLD ECONOMY UPDATES
GDP – A BRIEF BUT AFFECTIONATE HISTORY
INDIA AND CASH
TAYLOR SWIFT – THE BUSINESS BEHIND THE MUSIC
ARGENTINA’S NEW PRESIDENT
www.tutor2u.net/economics
WELCOME
TO THE SPRING 2024 EDITION OF
THE TUTOR2U UPDATE MAGAZINE!
Let’s start with the fantastic response we received to the competition we ran last edition. The tutor2u team
had a great time reading your entries and a tough time choosing the winners. Congratulations to everyone
who took part. You can read about the winners on page 19 and our new competition.
As exam season approaches this issue has a particular focus on how to prepare and how to make sure your
economic knowledge translates into as many marks as possible.
Do make sure to check out our top tips on revision. One of the things students find the hardest is knowing where
to start and finding the motivation to get going. Our top tips give you a clear and easy starting point along with
suggestions to make sure every single minute you spend on revision achieves the most benefit. We have a double
Economy Update this time – one on the UK economy and one on the world – by our leading expert Geoff. Each
year examiners stress the importance of a good real-world knowledge in getting top marks. Finally, to make sure
you are not throwing away easy marks, make sure to read the article on elasticities. Elasticities have to be one of
the most common short questions.
For those of you thinking about next steps after Sixth Form we have an article on alternatives to university and
specifically apprenticeships. If your mind is made up on university don’t forget that the last edition gave you loads
of fantastic information on the options available and how to make a great application. You might want to look at
the book review in this edition for another idea of what to read. This comes from one of our fabulous poster sets if
you want a wider range of recommendations.
Finally, we have our usual range of interesting stories in the news. These are great for general interest and building
real world knowledge but also allow you to try out your application skills.
Keep an eye on the adverts for all the resources and upcoming events that will make your study of Economics fun
and effective.

Team tutor2u
Find us on X (formerly Twitter) and Instagram @tutor2uEcon

2 A Level Economics Update Spring

Autumn2024
2023
BIG IDEAS IN
ECONOMICS
Equilibrium by Liz Veal

A key idea in Economics is ‘equilibrium’ – a state of balance.

An imbalance is called a ‘disequilibrium.’ How a market or
an economy moves from one equilibrium point to another
needs careful explaining in Economics.
Equilibrium in microeconomics
In microeconomics, a market equilibrium exists when the quantity
of a good or service supplied by producers equals the quantity
demanded by consumers. Diagrammatically, it is the point where the
market supply curve crosses the market demand curve. At this point
there is neither an excess demand (shortage) nor an excess supply
(surplus).
Explaining the movement from one equilibrium point to another
in microeconomics there may be either unemployment or inflationary pressures. If the
Shifts in demand or supply can cause a disequilibrium. However, economy is operating below its potential output, there may be cyclical
the market adjusts towards to the new equilibrium. Students can unemployment. If the economy is operating above its potential output,
gain more marks if they can fully explain the movement from one there may be inflationary pressures.
equilibrium point to another. Explaining the movement from one equilibrium point to another
Take an example of the market for in macroeconomics
plant-based foods. The original Shifts in SRAS and/or AD will change the equilibrium level of national
equilibrium is at E1, where D1 = S. income and price level. Again, students need to explain the process to
As people become more aware of gain good marks.
climate change issues and their
Taking an example, where AD initially increases from AD1 to AD2, the
health, the demand for plant-based
economy will move to a new macroeconomic equilibrium at a higher
foods increases so the demand curve
real GDP, Y1 to Y2 and increased price level PL1 to PL2.
shifts right, ceteris paribus, from
D1 to D2. If the price level remained at
PL1, there would be shortages
If the price remained at P1, there would be an excess demand of
of goods and services in the
E1-A. There is a disequilibrium. Producers of plant-based foods find
economy. The price level will
orders are increasing beyond what they expected. Their stocks start to
start to rise. This also causes an
run down, and consumers may have to queue or wait to buy. This puts
extension in output by firms
upward pressure on the price, which acts as a way of rationing the
which expands to meet the
good because there is a shortage. There is a contraction in demand
higher demand in the economy.
from point A to E2. Anticipating more profit from rising prices, the
Firms may hire more workers,
producers are incentivised to expand their supply, allocating more
reducing cyclical unemployment.
resources to the production of plant-based options - an extension
The economy moves towards the new short run macroeconomic
along the supply curve. The movements along the demand and supply
equilibrium. In the diagram, at PL2, AD2 = SRAS so equilibrium is
curves will continue until the excess demand is eliminated at E2.
restored.
There is a new equilibrium price P2 and new equilibrium quantity of
Q2. The state of balance is restored. The adjustment process takes time. In the short run inflationary
pressure may build as spare capacity is used up.
However, the movement from E1 to E2 is unlikely to happen instantly
– it will take time for the market mechanism to work to establish a Long-run macroeconomic equilibrium occurs when the aggregate
new equilibrium. quantity of goods and services produced and demanded in an
economy is equal to the economy's potential output and the price
Equilibrium in macroeconomics level is stable. In the long run, the economy adjusts fully to changes
Short-run macroeconomic equilibrium occurs when aggregate in aggregate supply and demand, and factors of production, such as
demand (AD) is equal to the short run aggregate supply (SRAS) at a labour and capital, are fully employed. This means that AD = SRAS =
particular price level. This equilibrium level determines the short-term LRAS. Achieving and maintaining long-run macroeconomic equilibrium
output and price level in the economy. Depending on the position of is an ideal scenario. In reality, economies often face various shocks
the short-run equilibrium relative to the economy's potential output and adjustments that can lead to short-term deviations from this
(LRAS - the level of output that can be sustained in the long run), equilibrium.

www.tutor2u.net/economics 3
 FOCUS ON - EXAM TECHNIQUE
Addressing the subtleties of questions by Isobel Cafferty
It’s not unusual for students to miss out on marks because their response simply doesn’t answer the
question. This might be because they misread the question or drift off-topic. Sometimes students even
answer the question they wish had been asked!
A more frequent scenario, however, is that the student understands the general gist of the question but
doesn't pick up on the subtle details that make the question specific. The good news is that these details
tend to follow certain patterns. Learning to spot these allows you to address the nuances of the question,
elevating your answer from 'good' to 'great'.

Type 1: The Scope Signal Reusable plastics

These questions require you to consider a particular field in your answer, so you Non-plastic waste
need to be careful that your answer is neither to broad nor too narrow. Bottles
Examples Medical gloves
Evaluate the view that governments should take steps to limit production
of all single use plastics, including bottles. Governments
Discuss the view that inflation statistics such as CPI and RPI are more Consumers
important indicators for firms than unemployment indicators such as Small firms
the claimant count. MNCs
Common examples
• Markets or industries While it’s definitely advisable to keep the majority
• Countries or types of economy of your answer within the scope indicated, you can
• Long term or short term discuss in your conclusion what would happen if
• Consumers, producers, governments and workers this scope was broadened or narrowed.

Type 2: The Oversimplification

Examples
Discuss the view that market failure is inevitable in the healthcare market.
To what extent are taxes always more efficient at addressing market failure than price controls?
These questions require you to evaluate a view that simplifies matters too much. They present a concept without
considering the potential exceptions or complexities of the issue. These questions are likely to use absolute
language that indicates an extreme ends of a spectrum. Common examples:
• Always • Inevitable • Best • Most • Only • Necessary • Never • Sufficient • Impossible • Certain
With these questions, it is important to remember that is extremely rare for conclusions in economics to be black or
white. The key to these questions is therefore to find the grey areas. You address this with the following approaches.

Explain that the view given is Find a less extreme word to use Justify your view by explaining
reductionist. This means it over instead. For example, you might the circumstances when such an
looks small but important details. replace ‘inevitable’ with ‘highly extreme view wouldn't hold.
likely’.

4 A Level Economics Update Spring 2024

Type 3: The Double-Dimension
These questions contain two components and it is essential to address both. The best answers will consider the
combination of conclusions. A table with four possible quadrants can be useful here.

Discuss the view that demand-side policies are ineffective Evaluate the extent to which there are information gaps for
and dangerous in times of stagflation both consumers and producers in the insurance market.

Gaps for both Gaps for neither

Ineffective and Ineffective and
consumers and consumers nor
dangerous harmless
producers producers

Gaps for Gaps for neither

Effective and Effective and
producers but not consumers nor
dangerous harmless
consumers producers

Type 4: The Extent-o-Meter

Like the Oversimplification questions, good responses to the Extent-o-Meter questions recognise that conclusions in
economics are rarely black and white. The challenge here is to establish a scale and decide where on this scale your
judgement sits.
Examples
Discuss the extent to which decreasing tax rates for top earners would improve macroeconomic
performance.

To no extent To a small extent To some extent To a great extent

Evaluate the significance of rising petrol prices on the growth in demand for electric cars.

Irrelevant Minor Substantial Crucial

Task:
Identify any nuances in the following questions and
note how you would address these in your answer:
1 To what extent are behavioural policies the most
effective way to reduce congestion in the UK’s
cities?
2 Evaluate the view that governments of all
countries can and must do more to tackle
climate change.

www.tutor2u.net/economics 5
LAST WORDS… by Cathy Williams
Each week in a series called “Last Words” BBC Radio 4
tells the life story of people who have died recently. In this
edition of the Update Magazine, tutor2u has decided to do
the same for the world of Economics.

ANITA SUMMERS
First is Anita Summers who died in October 2023 at the age of 98. According to the University
of Pennsylvania (where she was an emeritus professor of Economics) she “was an intellectual
giant” who embarked on a career in Economics when “few women dared and even fewer
could”. She faced gender discrimination in a male-dominated industry, but she never gave up.
When she landed a job as an economic analyst for Standard Oil in New York City, the hiring
manager said they had hired her to get the same brains for less money. At that time women
were not allowed into meetings with top executives, but she fought (successfully) for the right.

Although she spent much of her career in academia,
Summers should perhaps be best remembered for
her contribution to policy making at the federal, state,
and local level. She encouraged city and state
governing bodies to work together on issues such as
education and urban development. She insisted that
policymaking would be strengthened by economic
analysis and that business and finance would benefit
from a greater understanding of policymaking. At the
heart of all she did lay the goal of fairness, equity, and
social justice but she was pragmatic about declining
industries and instead encouraged focus on new
and expanding sectors. After working at the Federal
Reserve Bank of Philadelphia she was the founding
chairwoman of the public policy and management
department at Wharton Business School – the first
of its kind.
Summers believed that:
• policy should be based on evidence and not
values
• public policy should remember the stakeholders
who are most directly affected
• government can learn from the private sector
• companies should push for corporate social
responsibility
Her views on education that good teachers should
be rewarded and very poor teachers should go drew
headlines making her husband worry that she should
have an armed guard. Summers said she thought
about education from a financial standpoint.
Education costs were the biggest cause of debt to
city budgets. Furthermore, her work found that
the most disadvantaged students were taught by
teachers with the lowest grades on the National
Teacher Exam, the highest absences, and the
lowest student outcomes.
Anita Summers came from a family of Economists.
Her brother, Kenneth Arrow, won the Nobel Prize for
Economics in 1972. Her brother-in-law Paul Samuelson
won the Nobel Prize in 1970. Her son Lawrence H.
Summers is an economist and former secretary of
the US Treasury.
If you would like to hear
an interview with Anita
Summers scan the QR code:

6 A Level Economics Update Spring 2024

ROBERT SOLOW
Second is Robert Solow who died in December 2023 at the age of 99. Solow was Emeritus
Professor of Economics at the Massachusetts Institute of Technology where he was a professor
from 1949. You may well have heard of him from the Solow growth model.
Solow made a huge contribution to our understanding
of the factors that determine the rate of economic
growth for different countries. Solow was awarded
the Nobel Prize in 1987 for his contributions to the
theory of economic growth. One of his original works
presented a mathematical model that was a version
of the Harrod-Domar growth model (a model typically
taught as part of Development Economics). He
followed this with a pioneering paper on the
importance of technological innovation on growth,
questioning the belief at the time that capital and
labour were the main causes of economic growth.
Solow’s work prompted governments to focus more
of their funding into technological research and
development.
Back in 1962 Solow was a staff economist for the
White House’s Council of Economic Advisers and he
reported that occasionally the phone would ring, and
John F. Kennedy would be on the line wanting to talk
Economics. At that time the top 1% of earners in the
US accounted for 12.6% of national income while the
bottom 50% of earners had 19.5%. That position has
now reversed prompting Solow to describe inequality
as a topic that cannot be ignored. Inequality he says
has created a self-reinforcing loop in which money
shapes government policies that favour the rich, thus
causing more inequality.
Even at the age of 95 Solow continued to work, looking
at drafts of “The Work of the Future” – an MIT report
about technology, jobs, and economic growth. The
report emphasised social realities that technology has
benefitted some and hurt others.
For six decades Solow shared an office with Paul
Samuelson. His PhD students included Akerlof,
Nordhaus and Stiglitz – all of whom went on to win
a Nobel prize themselves. He commented that one of
the things of which he was proudest was building the
Economics Department at MIT so that it would pay
attention to students. The result was for the MIT
Technology Review to comment “Sure, he won a
Nobel for his research on technology, productivity,
and growth. But his legacy as a mentor is equally
remarkable.”
If you would like to know
more about Robert Solow
scan the QR code:
www.tutor2u.net/economics 7
 FOCUS ON - QUANTITATIVE SKILLS
Elasticity by Ruth Tarrant
Elasticity essentially means ‘sensitivity’ or ‘responsiveness’. When you first study demand and supply, you explore
the basic relationship between price and quantity demanded/supplied. Elasticity is the next step in developing
our understanding, for example, if price changes then by how much does quantity demanded change?

There are four elasticities that you need to know about for A Level Economics:
• Price Elasticity of Demand (PED) – the responsiveness of quantity demanded to a change in price
• Income Elasticity of Demand (YED) – the responsiveness of demand to a change in income
• Cross (Price) Elasticity of Demand (XED) – the responsiveness of demand for one good to a change in the
price of another good
• Price Elasticity of Supply (PES) –the responsiveness of quantity supplied to a change in price

Top Tip! Note that all the above definitions show demand/supply changing in response to a change in price/
income. This gives us information about the formulae: the % change in price/income is always the denominator.

PED YED XED PES

%∆Qd %∆ D %∆QdA %∆Qs
%∆P %∆Y %∆PB %∆P

UNDERPINNING MATHS SKILLS

Question Set 1 – inputting numbers into the formulae
These are the easiest types of questions to tackle – directly use the information given in the question and plug it into
the formula.
1 The price of apples rises by 25% due to them being used by a popular celebrity chef in a recipe. As a
result, apple farmers plant more apple trees and so the quantity of apples supplied rises by 10%. Calculate
the price elasticity of supply of apples.

2 Average income in a small town rises by 2%, and as a result, demand for meals out at restaurants in that
town rise by 4%. Calculate the income elasticity of demand for restaurant meals.

8 A Level Economics Update Spring 2024

Question Set 2 – percentage changes before using the formulae
Examiners love to test a range of quantitative skills through the topic of elasticity. Sometimes, questions will require
you to carry out a percentage change calculation first in order to generate the numbers that you need to input into the
right formula. Remember that to calculate a percentage change, we need to use the following formula:
New – Original x 100
Original

3 The price of olive oil rises from 80p per litre to £1.20 per litre due to climate change. As a result, the number
of bottles of olive oil sold at a local supermarket falls from 200 per week to 160 per week. Calculate the
price elasticity of demand of olive oil.

4 The price for 1 hour of golf at a driving range rises from £10 per hour to £12 per hour owing to rising staff
costs. As a result, demand for coffee from the on-site coffee shop falls from 30 cups per day to 25 cups
per day. Calculate the cross elasticity of demand between driving range golf and coffee shop drinks.

Question Set 3 – rearranging the formulae

Every year, students lose marks in elasticity exam questions because they either don’t realise that they need to
rearrange the formulae, or they don’t know how to rearrange the formulae. It’s worth taking the time to practise!
Start by completing the table below, to make the required variable the subject of each formula:
Rearrange the PED Rearrange the PED
formula to make %∆Qd formula to make %∆P the
the subject. subject.

Rearrange the PES Rearrange the PES

formula to make %∆Qs formula to make %∆P the
the subject. subject.

Rearrange the YED Rearrange the YED

formula to make %∆D the formula to make %∆Y the
subject. subject.

Rearrange the XED Rearrange the XED

formula to make %∆QdA formula to make %∆PB the
the subject. subject.

www.tutor2u.net/economics 9
Now, have a go at answering the following questions:

5 The cross price elasticity of demand between gym memberships and road-bike prices is estimated to be 0.2.
If the average price of road-bikes rises by £400 from £2000, calculate the percentage change in the demand
for gym memberships.

6 Suppose that the income elasticity of demand for cinema tickets is known to be +1.2. If demand for
cinema tickets falls by 36% during a strong recession, determine the percentage change in income that
must have occurred.

INTERPRETING ELASTICITY VALUES (PED AND PES)

BIGGER SMALLER
= Less than 1

= more than 1
SMALLER
When the number on the bottom changes i.e. the % change
in P or the % change in Y, it leads to a MORE THAN
PROPORTIONATE change in the number on the top. i.e. the %
change in Qd or % change in Qs is HIGHLY RESPONSIVE...
this means the relationship is ELASTIC
BIGGER
When the number on the bottom changes i.e. the % change
in P or the % change in Y, it leads to a LESS THAN
PROPORTIONATE change in the number on the top i.e. the %
change in Qd or % change in QS is HIGHLY UNRESPONSIVE...
this means the relationship is INELASTIC

7 The price of a bottle of Wild and Free shampoo rises from £3 to £3.30, causing the number of bottles bought
each week to fall by 15%. Calculate the PED for Wild and Free shampoo and interpret the value.

8 In recent years, many sports equipment manufacturers have recognised that there is lots of profit to be
had in the paddleboarding industry. As the price of paddleboards has risen by 30% in the last 2 years, the
quantity of paddleboards supplied has risen from 75,000 per year to 125,000 per year. Calculate the PES
for paddleboards and interpret the value.

10 A Level Economics Update Spring 2024

INTERPRETING ELASTICITY VALUES (XED AND YED)
Small / Big i.e. inelastic

–∞ ∞
-1 0 1
Big / Small i.e. elastic Big / Small i.e. elastic

YED can be positive or negative

Inferior goods – as income rises demand falls Normal goods – as income rises demand rises

Small / Big i.e. not a strong relationship

–∞ ∞
-1 0 1
Big / Small i.e. a strong relationship Big / Small i.e. a strong relationship

XED can be positive or negative

Complementary goods – as price of 1 good Substitute goods – as price of 1 good

rises demand for the other falls rises demand for the other rises

9 When a hairdresser’s salon raised the price of a blow-dry service from £15 to £20, the manager noticed that
demand for their boutique Finishing Spray actually rose from 30 bottles per week to 40 bottles per week.
Calculate the XED between blow-dry services and Finishing Spray, and comment on the value that you
calculate.

10 A medium-sized US city experiences an increase in income per head from $2000 per month to $2100 per
month. The city government notices that demand for parking spaces rises by 10%. Determine the YED of
parking spaces, and comment on the value that you calculate.

www.tutor2u.net/economics 11
MARKET CONCENTRATION IN THE BABY
FORMULA MILK MARKET by Liz Veal

What is market concentration? Market concentration refers to the extent to which a relatively small number of
firms dominate the total market for a particular product or service. Here we are going to apply this concept to
the baby formula milk market.

The Concentration Ratio The baby formula milk market has a high two-firm A combination of early
expresses the percentage concentration ratio with Danone and Nestlé collectively brand choice, effective
of total market sales or marketing strategies,
production accounted for holding 85% of the market share in the UK. The reasons emotional attachment,
by a specified number of for this concentration include the tendency for parents and limited competition
the largest firms in the to stick with their chosen formula and the marketing contributes to parents
industry. For example, a tactics by the multinational companies emphasising their sticking with their chosen
four-firm concentration baby formula and being
ratio considers the product's similarity to breast milk. less likely to switch
combined market share to other brands. There
of the top four companies.
Advantages of this high market concentration include is some behavioural
Find out what the potential economies of scale, efficiency, and increased economics in this.
Herfindahl-Hirschman innovation. Firms in an oligopoly (where there are a
Index (HHI) is. handful of large firms) can often earn supernormal
profit into the long run and re-invest it in the business to
improve the quality of the formula and/or the method
The types of economies
of scale contributing of production, so the end product is better value.
to the cost advantages
enjoyed by larger-scale
However, the disadvantages are more apparent. The The Competition and
Competition and Markets Authority (CMA) has raised Markets Authority (CMA)
producers of baby formula
is responsible for consumer
milk include technical, concerns about limited consumer choice, higher prices protection. It enforces
purchasing, marketing, than input costs, and the possibility of misleading competition and market
financial, risk-spreading;
they also can use R&D to marketing by dominant firms. The CMA plans to regulation by investigating
investigate and consider some regulatory changes cases, making rulings
support more innovation.
and issuing penalties.
Economies of scale to tackle these issues. According to the Institute
can act as a barrier to
of Government the CMA
entry, increasing market A 25% rise in infant formula prices over the past valued its direct financial
concentration over time. two years in the UK and weak competition prevented benefit to consumers at £2
What types of efficiency
may increase in an
consumers from opting for cheaper alternatives. The billion per year between
high gross margins in the infant formula market, 2019 and 2022. What sort
oligopoly?
of regulations might make
coupled with emotional attachment and limited brand the formula market work
switching, contributing to the concentration. The CMA better?
found significant price variations within the market, with
Danone's cheapest product priced at 13p per 100ml
and its most expensive at 35p.

Higher prices in the baby formula market are a huge concern

due to the potential impact on infant nutrition, the vulnerability of
consumers, affordability issues, limited consumer choice, public
health considerations, market distortion, and social equity. How
could fairer competition, affordability, and accurate information
be brought into the baby formula market?

12 A Level Economics Update Spring 2024

 Misleading marketing tactics by baby formula producers can
be anti-competitive as they distort consumer choices, create
unfair competition, manipulate the market, erect barriers to
entry, contribute to price manipulation, harm consumers, raise
regulatory concerns, and undermine overall trust in the market,
which involves such an essential product for infants.

Public health experts warn of misleading marketing

tactics by the producers, exploiting parental fears to
sell products at varying prices. Studies on breastfeeding
suggest that formula marketing portrays normal baby
behaviours as abnormal to encourage formula use, and
health claims often lack robust clinical trial evidence.
Barriers to entry, such
Parents want to give their babies the best, so they often as high initial capital
There is a case for choose the more expensive brands believing them to be requirements, complex
the CMA to help close
the information gap better or stick to the named brands which they regulatory hurdles,
are familiar with. and established brand
between consumers and
loyalty, limit new firms
producers in the formula
market. There is likely Neither Danone nor Nestlé has directly commented from entering a market.
on their pricing and marketing practices, so the CMA This scarcity of entrants
‘asymmetric information’
increases market
because of misleading may decide to control promotional activity to ensure concentration, allowing
marketing, confusion about
brands and their about
competition and provide parents with accurate existing players to maintain
information for informed choices. However, if the CMA dominance and influence
nutritional information,
pricing. Reducing the
inadequate guidance from decides to increase regulation, it could have unintended barriers to entry can
healthcare professionals, consequences. More rules can contribute to higher increase the contestability
ambiguous health claims
& limited information on market concentration, because they create higher entry of the market and help
hurdles for smaller companies. reduce prices
manufacturing practices.

The baby formula milk market does seem to be one that needs some government or regulatory intervention given
there are several market failures apparent. These include excessive prices for a necessity, a lack of competition,
information gaps, irrational consumers, and income inequality issues.
It is always good to think about what type of market failures exist in a specific
market/industry because this helps inform you about what the most appropriate
policies to address the failures could be. TRY THIS APPROACH FOR OTHER
MARKETS/INDUSTRIES – think about what market failures might be present
in each market/industry and choose the best interventions to address these
failures specifically.

Year 12 question:
Explain why consumers in the baby formula market may not be rational.
Year 13 question:
Assess whether the CMA should aim to introduce more contestability
into the baby formula market.

www.tutor2u.net/economics 13
EFFECTIVE REVISION IN ECONOMICS by Ruth Tarrant
It’s never too early to make a start on revising for your A Level exams. In this article, we explore three highly effective
Economics revision strategies. It’s really important to note that we don’t recommend highly passive revision strategies
e.g. highlighting notes, skim-reading textbooks etc. We DO recommend a number of active revision strategies.

Strategy 1: 10-point guide to using your specification

1 Print off the specification, or save it to a device on which you can annotate the specification digitally.

2 Break the specification down into smaller, more manageable chunks – this is pretty straightforward if you have it printed off!

For each smaller section:

3 Highlight every single key term and write down a flawless definition. We also suggest that you make yourself a flashcard
for that key term (either a traditional paper-based flashcard, or digitally, using a platform such as Anki).

4 Check that you have notes for every bullet point on the specification – make sure you look carefully at any “command” words
in the specification eg explain, calculate, state, evaluate etc, and ensure that your notes match those command words.

5 See if you can find a relevant video for each topic – tutor2u has revision videos for virtually every topic. Create a document with
links, and a way to indicate when you have watched it.

6 Where relevant, ensure that you have an example for every bullet point on the specification – you can reuse examples to help
you! We suggest that you have a UK-based example for each point and, where relevant, an overseas or alternative example.

7 Revisit each bullet point and see what you can write down for each point – the writing bit is really important, as this is what
you will need to do in an exam. You don’t need full sentences at this point, and you can be flexible about how you write down
what you know…mind maps are fine!

8 Compare your ‘notes from memory’ with your class notes, textbook and revision videos – use a different colour to add in
anything that you missed. Use yet another different colour or highlighter to indicate any sections that you are unsure of –
find a relevant video or textbook or ask your teacher.

9 Use the tutor2u Exam Paper Topic Trackers to help you find past paper questions for each topic so that you can check whether
you are ‘exam ready’.

10 Do this for every part of the spec – keep everything in a folder together so that you know exactly how you are getting on with
your revision.

Strategy 2: mind-mapping connections

We think that Economics is one of the most ‘synoptic’ subjects that there is at A Level. Rather than seeing this
as an obstacle to effective revision, we see this as a fantastic opportunity for engaging in active and
highly powerful revision.
Start by finding a large sheet of paper and some colourful pens/highlighters, and then
write the name of a topic or a broad question in the middle. You then need to make as
many connections as you can to that original topic, branching off into sub-topics where
appropriate, and adding in examples. Using colours can be helpful – use different
colours for different aspects eg key terms, micro / macro ideas, examples, evaluation
points etc. Get creative! We’ve included an example on the next page, along with
a selection of other questions that might work for you.

14 A Level Economics Update Spring 2024

Some other great questions that work well for this approach include:

What are the likely causes and

What factors affect demand for consequences of increasing pollution
Why do wage differences exist?
agricultural products? in an economy and globally?

What are the possible reasons for

Why might governments choose to governments using stronger competition Why might a business earn higher
increase tax rates in their economy? policy? supernormal profits?

What are the impacts of a central bank

choosing to use deflationary monetary What are the possible causes of income What leads to a rise in living
policy? inequality? standards?

Strategy 3: concept and task cards

Making and using flashcards can be a really effective and active revision strategy, provided you use your
flashcards in a sensible way. There are LOADS of ideas on how to do this in this free tutor2u online On Demand
course: https://ondemand.tutor2u.net/students/effective-revision-skills-booster. One of our favourite flashcard
revision strategies is outlined below: your regular flashcards are the ‘concept cards’ and then you need to
select a ‘task card’ that tells you what to do with that concept card. This helps to make the revision process
a bit more interactive and varied.

Key terms Give a

and real-world
definitions example

Give Explain
Theories Diagrams advantages / it to a
CONCEPT disadvantages
Task beginner

CARDS CARDS

Flow Draw a Connect

charts / Questions diagram or it to another
processes picture topic

www.tutor2u.net/economics 15
 ARE YOU CONSIDERING AN
APPRENTICESHIP? by Penny Brooks
What are apprenticeships?
An apprenticeship is an opportunity to work and be paid, and to study at the same time. They are offered in a huge
variety of roles, from nursing to architecture to marketing, and in organisations of all sizes, from banking to the arts to
teaching. They usually take between 1 and 5 years to complete, depending on their level.
Apprentices become part of a work team, learning on-the-job from experienced colleagues, as well as developing skills
such as problem solving, communication and time management. They also study one or two days per week, or in short
blocks, such as a week at a time, either in college or online. Overall, about 20% of the time is spent studying and 80%
of the time working.

Apprentices get paid!

The minimum wage for apprentices is lower than for other workers because they are studying as well. If aged 16-18, or
over 19 and in their first year, the National Minimum Wage for apprentices from April 2024 will be at least £6.40 per hour.
After the first year, and when aged over 19, they will be paid at least the National Minimum Wage for their age group.
However, many employers pay more than this and in practice the range of salaries is from £15,000 to £30,000 per year.
Apprentices must be paid for normal working hours, and also for training that’s part of the apprenticeship (at least 20% of
normal working hours), as well as any study towards English and maths qualifications that is part of the apprenticeship.
They are also entitled to sick pay and paid holidays, like any other employee.

Pros of an apprenticeship Cons of an apprenticeship

• You’ll gain professional experience in your chosen • You’ll need to balance working and studying at the
career and put what you learn into practice daily same time and keep up with what’s expected of you
• You’ll get paid and are entitled to sick pay and • You must pay tax and National Insurance on your
holiday pay salary
• You could secure a long-term job at the company at • The competition for apprenticeships is tough and will
the end of the apprenticeship demand a lot of time and effort

How would I get an apprenticeship?

You would apply to the employer, and selection for each vacancy will be different. You might need specific grades,
but employers are looking for other skills you can bring to the role, like communication, leadership,
and passion, and will be interested in your energy, enthusiasm, and potential just as much
(or more than!) your qualifications.

16 A Level Economics Update Spring 2024

Advanced apprenticeships – Level 3
Level 3 apprenticeships are generally considered to be
equivalent to two A Level passes. Entry requirements are
different depending on the employer and the industry. At
the end of the apprenticeship, there is an assessment to
check that apprentices can confidently perform their role.
Higher apprenticeships – Level 4 and 5
Level 4 apprenticeships are equivalent to the first year of an
undergraduate degree, or a Higher National Certificate (HNC),
and Level 5 apprenticeships are equivalent to a foundation
degree, or a Higher National Diploma (HND). At the end of
the apprenticeship, there is an assessment to check they
can confidently perform their role. Some employers may be
looking for people who have taken relevant subjects. For
example, a lab-based apprenticeship may require a science
A Level.
Degree apprenticeships – Level 6 and 7
A degree apprenticeship leads to a full undergraduate (Level
6) or master’s degree (Level 7). They are available in lots of
industries, from hands-on fields like nursing, engineering,
and teaching, to more office-based roles like business
administration, finance, and law. They take three to six years
to complete, depending on the level. There is end-point
assessment to complete the apprenticeship which tests
ability to do the job as well as academic learning.
Pros of a degree apprenticeship
• You’ll get real-life experience working alongside • You won’t qualify for any student loans and must
your degree
• Your degree is fully paid for, so there’s no cost to you
• You’ll get paid a salary just like a normal employee
at the end of the apprenticeship
Government data shows that 337,140 people started
apprenticeships between August 2022 and July 2023.
Of those, 112,930 were Higher level and 46,800 were
Degree apprentices.
In Scotland, degree apprenticeships are known as Graduate
Apprenticeships. Northern Ireland offers higher level
apprenticeships (HLAs) that offer you qualifications up
to Level 7 which is the equivalent of a master's degree.
However, the majority are at Level 5 which is equivalent to
a foundation degree.
Professional Economist (Integrated Degree) at the
University of Kent
You can study this BSc (Hons) course accredited by the
Institute for Apprenticeships and Technical Education:
Cons of a degree apprenticeship
• You’ll need to balance working and studying at
the same time, and won’t have the same holiday
schedule as friends at uni
pay tax and National Insurance
• You won’t get the traditional ‘university experience’,
e.g. you’re not entitled to live in student
accommodation

PwC ‘Flying Start’ degree programmes

PwC is a global professional services firm. They offer the opportunity to start a career and gain a degree at the same
time with their Flying Start degree programmes in Accountancy, Business Management or Technology.
• The Accountancy programme lasts 4 years, with three paid work placements built into the university’s
academic year. Each lasts for one term in each year, so you’ll still have the summer off. It can be studied at
universities in Newcastle, Manchester, Nottingham, Reading and London.
• The Business Management 3-year programme is based in PwC offices in Northern Ireland. Most of your
week will be spent working in the business, learning on the job, and you’ll also attend Ulster University on a
day release basis.
• The Technology programme offers a choice of ‘work first’ or ‘study first’ approaches. The 3-year work
first model is based in Manchester and involves most of your time working with technology experts to solve
clients' important problems, with 20% of your time studying at Ada, the National College for Digital Skills. The
4-year study first approach can be based in universities in Birmingham, London, or Belfast, with most time
spent in university alongside multiple placements in PwC’s
technology teams.
For all of these options, you’ll be expected to work hard both on the job
and at university or college, but you’ll be supported by PwC and your
university or college throughout the degree apprenticeship and beyond. More information at:
You’ll have a buddy, career coach, an academic support team, as well
as the apprentice community at PwC.

www.tutor2u.net/economics 17
 Other Economics-related Apprenticeships
Examples of Business and Management Finance and accounting Sales, marketing and
sectors apprentices apprentices procurement apprentices

Can lead to Business Analyst Accountant Business Analyst

careers such Business or Research Actuary Business or Research
as Development Manager Broker Development Manager
HR Manager Insurance Underwriter HR Manager
Careers Adviser Financial Analyst or Adviser Careers Adviser
Project Manager Project Manager
Office Manager Office Manager
CEO CEO

Popularity of 77,000 people started a Over 1 million people are Over 250,000 people
the sector business and administration currently working in the are working in sales and
apprenticeship in 2021/22 finance sector in the UK marketing in the UK

Average salary £23,925 £22,645 £16,757

for apprentices According to Reed, correct as of According to Reed, correct as of According to Reed, correct as of
November 2022 January 2023 December 2022

You might • are interested in the ways • are interested in finance and • like the idea of marketing
suit this businesses work how it works for big brands
apprenticeship • like the idea of managing • are passionate about maths • enjoy working with and
if you: projects or people talking to people
• enjoy working with numbers
• are entrepreneurial and are • are interested in how
interested in starting your businesses work and make
own business profit

Where to find further information

Ultimate Guides – Finding an
apprenticeship (ucas.com) – this is
a good place to start, for ideas and
links to further information
Become an apprentice – this
government site will give you basic
information about apprenticeships,
and links to further information
Apprentice support centre – this
government website has loads of
information about apprenticeships,
including a link to search and
browse apprenticeships based on
interest and location.

Apprenticeship jobs (ucas. FAQs including information about

com) – this very useful link will applying for apprenticeships,
take you to a page which lists Degree apprenticeships, how
available apprenticeships at apprenticeships work, and salary
all levels. You can refine your and benefits
search by specialism and industry
sector, as well as by the level of
apprenticeship that you want

18 A Level Economics Update Spring 2024

COMPETITION TIME!
We LOVED reading the fantastic entries to our Autumn 2023 competition, in which students
wrote passionately and thoughtfully about “the biggest economic problem that we face”.
There were so many entries to the Year 12 competition that we felt we had to award Highly
Commended prizes as well as a Winner and Runner-Up! We are delighted to announce that
the following students are winners!
Year 12 entries
Winner: Matilda Jones from St Joseph’s, Ipswich
Runner-up: Sophie Fraser from Newcastle Sixth Form College
Highly Commended: Asya Ates (Brockenhurst College), Tobias Hayre-Clear (Claremont Fan Court School),
Bernard Bercik (British School in the Netherlands), Ronnie Foster (The Appleton School), Haoyu Wang
(St Peter’s, York)
Year 13 entries
Winner: Natalie Cooper (George Watson’s College)
Runner-up: Thomas Price (Brockenhurst College)
The winning entries for each year group can be found on the tutor2u Economics Blog – do take a look!

THE SPRING COMPETITION

For our next competition, Year 12 and Year 13 entries will be considered together. We would love to see
student responses on the theme of:
“The most influential economist”
You can respond to this brief in any way that you like – it could be an essay, a video, an interview, an
artwork…anything goes! Remember to use accurate referencing if appropriate to your chosen format.

Entries need to be submitted to

ruth@tutor2u.net by midnight on
Friday May 24th 2024. Ensure that
your entry is provided in a standard
digital format that can be easily
downloaded, and that you also
include details of your name, year
group, and school or college. Please
let us know if you are happy for
your name and school to be
published on our website and in
the next issue of this magazine,
should your entry be a winner.

www.tutor2u.net/economics 19
 THE UK ECONOMY AN UPDATE
by Geoff Riley
When will UK monetary policy interest rates start to fall? By Geo8 Riley

Having reached a sixteen-year high of 5.25% last Autumn, there is now a robust, live
When willdebate
UK among
monetary policy
economists interest
and market rates
participants start
about to fall?
the timing of a relaxation of
Having reached a sixteen-year
UK monetary policy.high of 5.25%
Will policy last rates
interest Autumn, there
fall in is now
the late a robust,
Spring? Or willlive debate
relief for among
heavily indebted consumers and businesses be delayed to the Autumn?
economists and market participants about the timing of a relaxation of UK monetary policy. At their January
Will policy
meeting, members of the Monetary Policy Committee (MPC) voted 6-3 to keep
interest rates fall in the late Spring? Or will relief for heavily indebted consumers and businesses be rates on
hold. One person on the MPC actually voted to raise rates higher, two to lower them. But
delayed to the Autumn? At their January meeting, members of the Monetary Policy Committee (MPC) voted
Andrew Bailey, Governor of the Bank of England hinted that he and his committee were
6-3 to keep rates onfor
looking hold.
moreOne personthat
evidence on the MPCwill
inflation actually voted the
fall towards to raise
2 per rates higher,
cent target andtwo to lower them.
settle
But Andrew Bailey, Governor of the Bank of England
there before rate cuts would be actioned. hinted that he and his committee were looking for
more evidence that inflation will fall towards the 2 per cent target and settle there before rate cuts would
be actioned. Chart 1:
Average inflation rate and central bank interest rate in the UK from January 2018 to
Chart 1: December 2023
Average inflation rate and central bank interest rate in the UK from January 2018 to December 2023
Central bank interest rate Inflation rate

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%
Jan 2018

Sep 2018
Mar 2018

Jan 2019

Sep 2019
Mar 2019

Jan 2020

Sep 2020
Mar 2020

Jan 2021

Sep 2021
Mar 2021

Jan 2022

Sep 2022
Mar 2022

Jan 2023

Sep 2023
Mar 2023
May 2018
Jul 2018

Nov 2018

May 2019
Jul 2019

Nov 2019

May 2020
Jul 2020

Nov 2020

May 2021
Jul 2021

Nov 2021

May 2022
Jul 2022

Nov 2022

May 2023
Jul 2023

Nov 2023
Our chart shows the path of inflation and interest rates in the UK over the last four years. Inflation began to
Our chart shows the path of inflation and interest rates in the UK over the last four years.
accelerate in Inflation
Autumn began
2021 and peaked a in
to accelerate year later. 2021
Autumn The Bank of England
and peaked started
a year tightening
later. The Bank ofmonetary policy in
early 2022 and raisedstarted
England interesttightening
rates fourteen times
monetary in succession
policy in early 2022to aand
current
raisedhigh of 5.25%.
interest rates The last two years
has been a severe
fourteen times in succession to a current high of 5.25%. The last two years has real
phase of deflationary monetary policy, and the financial pain has been beenfora households
on mortgages,severe
consumers with
phase of expensivemonetary
deflationary credit card bills and
policy, andthe
businesses
financial that
pain have borrowed
has been real forheavily pre and
post-pandemic.households
Consider on
themortgages,
data in theconsumers withwhich
second chart expensive
trackscredit card mortgage
average bills and businesses
interest rates in the UK.
that have borrowed heavily pre and post-pandemic. Consider the data in the second
chart which tracks average mortgage interest rates in the UK.
Chart 2:
Average mortgage
Chart 2:interest rate in the UK from 1st quarter 2010 to 2nd quarter 2023
Average
5.0% mortgage interest rate in the UK from 1st quarter 2010 to 2nd quarter 2023
4.5%
Mortgage interest rate

4.0%
3.5%
3.0%
2.5%
2.0%
1.5%
1.0%
Q1 2010
Q3 2010
Q1 2011
Q3 2011
Q1 2012
Q3 2012
Q1 2013
Q3 2013
Q1 2014
Q3 2014
Q1 2015
Q3 2015
Q1 2016
Q3 2016
Q1 2017
Q3 2017
Q1 2018
Q3 2018
Q1 2019
Q3 2019
Q1 2020
Q3 2020
Q1 2021
Q3 2021
Q1 2022
Q3 2022
Q1 2023

So when might we see UK interest rates starting to fall?

20 A Level Economics Update

Well in some cases, theySpring 2024
are already heading lower. The Bank of England sets bank rate,
but market interest rates are set competitively by banks, building societies and other
financial institutions. Some mortgage deals are edging lower – for example, HSBC is
So when might we see UK interest rates starting to fall?
Well in some cases, they are already heading lower. The Bank of England sets bank rate, but market interest
rates are set competitively by banks, building societies and other financial institutions. Some mortgage deals
are edging lower – for example, HSBC is now offering a five-year fixed mortgage deal of 3.9% for those
borrowing up to 60% of the property value. And the swap rates between commercial banks - these are the
interest rates at which banks borrow money from each other in the inter-bank lending market – are also starting
to drop. Financial markets have priced in base rate reductions starting around May with perhaps two or three
small 0.25% rate cuts before the end of 2024. But this would still leave policy interest rates well above 4%
as we head into an election period.

The case for an early cut in rates

The case for easing monetary policy sooner rather than later is that the real economy is weak, demand-pull
inflationary pressure is low and there are signs that cost-push pressures from domestic and external sources
are easing. The IMF has recently downgraded its forecasts for UK GDP growth next year with only Germany
among the G7 nations expected to see a weaker pace of expansion. A fall in European wholesale gas prices
is expected to be maintained – helping cost pressures that have affected businesses across the UK. Cornwall
Insight forecasts that average energy bills will fall by 16% when the next energy price cap is announced and
reach their lowest since Russia’s invasion of Ukraine in February 2022. Allied to this, sterling remains fairly
strong against the US dollar (see our next chart) which helps to control inflationary pressure from imports.
Chart 3:
British pound sterling to U.S. dollar (USD) exchange rate from April 5, 2020 to February 2, 2024
1.5
1.4
1.4
£/USD exchange rate

1.3
1.3
1.2
1.2
1.1
1.1
1.0
Apr 5, 2020
May 14, 2020

Apr 5, 2021
Feb 24, 2021

May 16, 2021

Apr 5, 2022
Feb 24, 2022

May 16, 2022

Apr 5, 2023
Feb 24, 2023

May 16, 2023

Sep 14, 2020

Sep 14, 2021

Jun 24, 2020
Aug 4, 2020

Sep 14, 2022

Oct 26, 2020
Dec 4, 2020
Jan 14, 2021

Jun 24, 2021

Aug 4, 2021

Sep 14, 2023

Oct 25, 2021
Dec 6, 2021
Jan 14, 2022

Jun 26, 2022

Aug 4, 2022

Oct 25, 2022

Dec 6, 2022
Jan 16, 2023

Jun 26, 2023

Aug 6, 2023

Oct 25, 2023

Dec 6, 2023
Jan 16, 2024

The case for delaying a cut in interest rates

The Bank’s caution is underlined by worries that inflation has remained high and
“sticky” in some sectors, notably service industries. Pay growth has slowed a little but is
now above inflation (welcome news for people wanting a real wage rise!) and the Bank
may fret that inflation expectations have become embedded at a level inconsistent with
meeting the 2% inflation target. New data on the labour market suggests that
unemployment measured by the Labour Force Survey is now 3.9% and, whilst job
vacancies are declining, many businesses continue to experience shortages of skilled
workers that push wages higher to recruit and retain employees. You can see from our
chart below that inflation in services is running well ahead of goods. The Bank of
England is also worried that the 10 per cent rise in the national minimum wage due in
April will ramp up costs and perhaps prices. And there is some concern within the MPC
about the possible inflationary e]ects of a pre-election tax giveaway by the Chancellor.

www.tutor2u.net/economics 21
 The case for delaying a cut in interest rates
The Bank’s caution is underlined by worries that inflation has remained high and “sticky” in some sectors,
notably service industries. Pay growth has slowed a little but is now above inflation (welcome news for people
wanting a real wage rise!) and the Bank may fret that inflation expectations have become embedded at a level
inconsistent with meeting the 2% inflation target. New data on the labour market suggests that unemployment
measured by the Labour Force Survey is now 3.9% and, whilst job vacancies are declining, many businesses
continue to experience shortages of skilled workers that push wages higher to recruit and retain employees.
You can see from our chart below that inflation in services is running well ahead of goods. The Bank of England
is also worried that the 10 per cent rise in the national minimum wage due in April will ramp up costs and
perhaps prices. And there is some concern within the MPC about the possible inflationary effects of a pre-
election tax giveaway by the Chancellor.
Core Goods and Services Price Inflation in the UK (Annual % Change)
9.0

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0
Jan 2017
Apr 2017
Jul 2017

Jan 2018
Oct 2017

Apr 2018
Jul 2018

Jan 2019
Oct 2018

Apr 2019
Jul 2019

Jan 2020

Jan 2021

Jan 2022
Oct 2019

Apr 2020
Jul 2020
Oct 2020

Apr 2021
Jul 2021
Oct 2021

Apr 2022
Jul 2022

Jan 2023
Oct 2022

Apr 2023
Jul 2023
Oct 2023
UK CPI core goods inflation UK CPI services inflation

Is the Bank of England being too cautious in holding off reducing interest rates? The Governor and the Chief
Economist areIskeen
the Bank of England
to dampen being too cautious
expectations in holding
that borrowing o]will
costs reducing interestsoon.
fall anytime rates? The point to much
They
Governorboth
economic uncertainty and the
homeChief
andEconomist
abroad. Thearelatest
keen to dampen
risk expectations
to inflation flows from thatevents
borrowing
in the Red Sea
where attacks on commercial vessels have started to disrupt key shipping routes, increasing and
costs will fall anytime soon. They point to much economic uncertainty both home transportation
abroad. The
costs which eventually arelatest risk onto
passed to inflation flows from
consumers. eventsisincertain.
One thing the RedInflation
Sea where attacksback
dropping on to 2% might
commercial vessels have started to disrupt key shipping routes, increasing
happen by the time you read this article and before the exams. But it is not automatic that interest rates have
transportation costs which eventually are passed onto consumers. One thing is certain.
to fall in response. Thedropping
Inflation UK economy is 2%
back to having
mightto happen
adjust tobyathe
higher
time“normal” levelarticle
you read this of policy
andinterest
before rates – and
that normal isthecloser to 5% than 2%. We will leave the debate about the 2% inflation
exams. But it is not automatic that interest rates have to fall in response. The UKtarget to another time!
economy is having to adjust to a higher “normal” level of policy interest rates – and that
normal is close to 5% than 2%. We will leave the debate about the 2% inflation target to
another time!

22 A Level Economics Update Spring 2024

great reads modern classics

GDP: A Brief but

Affectionate History
Diane Coyle (2014)

GDP, for all it’s flaws, is still a bright

light shining in the mist
About the Author
Diane Coyle was born in 1961 in Bury and studied at Oxford and then Harvard. Her CV features
the UK Treasury, The Independent, and BBC Radio 4. In 2009 her services to Economics were
recognised when she was awarded an OBE.
In a nutshell
Despite growing criticism for GDP, it is still a crucial economic measure

The History of GDP Criticisms of GDP

1660s William Petty sets out to make an
assessment of the economic health of
the country in order to determine
whether England could finance another
war by taxation
1920s Britain starts to release detailed quarterly
statements of income, expenditure and
government debt
1930s The Great Depression showed how
useful national accounts could be in
formulating policy
1941 In ‘How to pay for the War’, Keynes
complains about the inadequacy of the
UK’s economic statistics, and, as a result,
the first set of modern national accounts
and GDP figures were published
1952 UN published its first guidelines for
internationally comparable statistics
Components and weightings are arbitrary
Doesn’t account for environmental damage
Hard to measure human capital
Doesn’t measure innovation
Difficult to measure value of modern sharing
services
Difficult to monitor informal or underground
economic activity
Excludes unpaid labour
Doesn’t account for inequality
Measures the flow, not the stock of output,
so rebuilding after natural disasters can look
like huge growth
Despite these criticisms, Coyle argues that we should
not be in a rush to abandon GDP just yet. Instead, she
advocates for the modernisation of collection methods,
and the use of GDP alongside a dashboard of other
indicators

This book is great for:

• Students with an interest in statistics
• Those with an interest in the history
• A shorter read

www.tutor2u.net/economics 23
 INDIA – WILL CASH EVER GO AWAY?
by Cathy Williams

Money has 4 functions In 2016 India announced that two bank notes which accounted for Legal tender are notes
in Economics. It is a 86% of the currency in circulation would no longer be legal tender. and coins that must
medium of exchange, There was little warning, and the result was scenes of chaos outside be accepted to settle
a store of value, a a debt.
banks and cash machines as people tried to deposit these notes in a
unit of account and a
standard of deferred bank account or exchange them for new currency. Many were unable The ban was called
payment. For those to obtain supplies of legal cash in the short run leaving them with no demonetisation. If
reliant on cash, the means of payment. Critics said the policy hurt those on low incomes economic agents
sudden reduction of and in the informal economy where people mainly dealt in cash. One make transactions
cash in circulation estimate said 90% of all transactions at that time were in cash with through a bank
made paying for 85% of workers paid in cash. The Prime Minister Narendra Modi said account it is much
goods and services easier to track illegal
the aim of the move was to reduce undeclared wealth, increase tax
very difficult. activity and the tax
compliance and reduce corruption. It would help rid India of counterfeit base for example
notes used by terrorists, for example. Professor Basu from New York’s increases.
Cornell University said the damage was likely to exceed the benefits.
The IMF think that a Any benefits in reducing corruption are likely to be one off and The informal economy
better measure of the corruption will return as soon as new currency is issued. is where activities
importance of cash is have value, but they
cash withdrawals from Some seven years later and cash is still important in India, leading are not recorded.
ATMs or as a share of some to question if the demonetisation policy was necessary. Cash in Examples include
all payments. On these circulation as a share of GDP peaked at over 14% in 2020-21. subsistence farming or
measures the trend a workman asking to
in cash use is falling At the same time digital transactions are growing in India. This is driven be paid in cash.
for half the world’s by smartphone and debit card usage and the widespread delivery
population. of welfare benefits using digital means. The increase is in large part When a policy leads
explained by the Unified Payments Interface. This platform allows rapid to an overall reduction
The velocity of account-to-account transfers. Some economists call the growth of in welfare economists
circulation means call this government
the number of times
both cash AND digital payments a “currency demand” paradox. Part of
failure.
cash is used in a the reason for the dual growth in cash and digital is that the velocity
certain period. If of circulation of money has slowed. Another reason is that for many Cash and digital
velocity slows then households in India cash is often used for precautionary savings. A payment methods
any given amount of recent survey found that people still prefer cash for food purchases and should be substitutes
cash is used for less home repairs. A further factor is falling interest rates on bank deposits. – meaning as demand
transactions. for one goes up then
Another currency experiencing growth in digital and physical cash is demand for the other
Falling interest rates the euro. The number of banknotes in circulation has risen consistently should go down.
reduce the opportunity while more and more retail payments are made digitally. In Sweden the
cost of holding cash. opposite is happening – people prefer digital while policy makers are Precautionary savings
trying to keep cash. are “just in case
savings” e.g. a period
Source: https://www.bbc.co.uk/news/world-asia-india-67674453 of unemployment
or a breakdown of
an expensive item.
If you want to know more on the In this case cash is
comparison between India and performing a “store of
Sweden then scan this QR code: value” function.

Year 12 question
Explain the importance of money in allowing economic agents to specialise.
Year 13 question
Explain why a country such as India wishes to reduce the size of its informal economy.

24 A Level Economics Update Spring 2024

Need some help preparing for your
A level Economics exams this summer?

tutor2u has three online courses which are designed to support

you all the way through to the end of Paper 3.
Scan the QR codes below to preview the course content and enrol if you’d like to
use any of these courses as part of your exam preparation for 2024.

CATCH UP A LEVEL ECONOMICS

Are there some topics from earlier in your Economics studies that you need to go over
again? Our Catch Up course is ideal. It provides a structured catch-up study programme
that will help you revise and recap key A Level Economics concepts typically taught in
the first year of your course.

AQA A LEVEL ECONOMICS GRADE BOOSTER 2024

This course is for all Year 13 AQA students. It provides detailed guidance on effective
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www.tutor2u.net/economics 25
 GLOBAL ECONOMY by Geoff Riley

REMITTANCES AND FINANCING DEVELOPMENT

Global Economy: Remittances and Financing Development - By Geo: Riley

Chart 1: Value of remittance flows worldwide from 2014 to 2024 (forecast)

Chart 1: Value of remittance flows worldwide from 2014 to 2024 (forecast)
Remittance value (in billion U.S. dollars)
1,000
900
Value in billion U.S. dollars

800
700
600
500
400
300
200
100
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: World Bank

Source: World Bank

Chart 2: Remittances received as a share of GDP in 2022
Chart 2: Remittances received as a share of GDP in 2022
Remittance inflows by country Subregion Share of GDP
Tonga Remittance inflows by country
Australia and Oceania
Subregion 49.9% Share of GDP
Lebanon
Tonga Middle East 37.8%
Australia and Oceania 49.9%
Tajikistan
Lebanon Central Asia Middle East 32.0% 37.8%
Kyrgyzstan
Tajikistan Central Asia Central Asia 31.3% 32.0%
Gambia Sub-Saharan Africa 28.3%
Kyrgyzstan Central Asia 31.3%
Honduras Central America 27.1%
Gambia Sub-Saharan Africa 28.3%
South Sudan Sub-Saharan Africa 24.8%
Honduras Central America 27.1%
El Salvador Central America 23.8%
South Sudan Sub-Saharan Africa 24.8%
Haiti Caribbean 22.4%
El Salvador Central America 23.8%
Nepal South Asia 21.8%
Haiti Caribbean 22.4% Source:
Jamaica Caribbean 21.2% World Bank
Nepal South Asia 21.8%
RemittancesJamaica Caribbean
refer to the money that migrants send back 21.2%or communities in their
- usually digitally - to their families
countries of origin. They now play a crucial role in funding development in many low and middle-income countries,
providingSource:
a sizeable source
World and flow of extra income and enhanced financial stability for millions of poorer households.
Bank
Indeed, remittances outweigh official development aid (ODA) and foreign direct investment (FDI) as a source of external
funding Remittances
for many nations.
refer to the money that migrants send back - usually digitally - to their
families
The scale or communities
of remittances in theirtocountries
is huge. According of origin.
the World Bank’s They
latest now play
research a crucial
published role in 2023, total
in December
remittance flows to
funding LICs, and MICs
development inreached
many low-$669and
billion in 2023. They exceeded
middle-income countries,foreign direct investment
providing a sizeableflows last
year by more
source than $250
and flowbillion. A health
of extra warning
income andabout the datafinancial
enhanced is needed.stability
It is not for
easymillions
to calibrate accurately the
of poorer
value of cross-border payments and remittances especially when people use informal channels to avoid expensive

26 A Level Economics Update Spring 2024

fees on transfers or to hide income for tax purposes. But the underlying trend from Chart 1 is clear. With nearly seven
hundred million people around the world living and working in countries to which they have migrated, the transfer of
money across borders can have important micro and macroeconomic effects.
According to the World Bank, the top-five recipient countries for remittances in 2023 were India, with an estimated
total of $125 billion, followed by Mexico ($67 billion), China ($50 billion), the Philippines ($40 billion), and Egypt ($24
billion). For some nations, remittances represent a large percentage of their GDP. In 2023 Tajikistan’s remittances were
48 percent of GDP, Tonga (41 percent), Samoa (32 percent), Lebanon (28 percent), and Nicaragua (27 percent).

So what are some of the main economic and social benefits of remittance inflows?
1 Supplementary Income: Remittances can be a vital
source of extra income for millions of households
in recipient countries. The funds received contribute
significantly to improving income per capita by
covering essential expenses such as food, housing,
education, and healthcare. This contributes to a and rules in the last few years since the UK left the
reduction in absolute poverty. Remittances can also
help counter malnutrition among the young which is a
fundamental cause of persistent poverty. An UNCTAD
report in 2011 found that a 10 per cent increase in
the share of remittances in a country's GDP, led to a
reduction of 1.6 per cent of people living in poverty.
2 Enhanced Financial Stability: Remittance inflows
act as a buffer against economic shocks, such as
recession-induced unemployment or the impact of
natural disasters, providing a safety net that mitigates
poverty and vulnerability. This is especially true
for countries where the poor are largely excluded
from basic financial services such as insurance.
Remittances can bolster a country’s US dollar reserves
and increase the foreign exchange available to the
banking system which in turn might lead to a rise in
commercial bank lending to businesses including
start-ups.
3 Macroeconomic Stability: Remittances contribute to
stabilising national economies by providing a steady
source of foreign exchange inflows. This helps in
improving a nation’s current account on the Balance
of Payments, maintaining currency stability, and
supporting overall economic growth. There is some
evidence – including from the IMF - that remittance
flows into poorer countries are counter-cyclical,
meaning that they often rise at times when incomes
in the domestic economy are falling or flat, helping to
moderate the economic cycle at times when other
flows of private money into an economy such as FDI
might be declining.
However, remittance flows are not without potential risks
and drawbacks:
1 Dependency and Fragility: Heavy reliance on is unlikely to change anytime soon.
remittances can create a sense of dependency among
recipient countries, perhaps leading to complacency
in implementing necessary structural economic
reforms and development strategies. Moreover,
fluctuations in remittance flows can expose economies
to vulnerabilities, particularly in times of global
downturns or unexpected changes in migration policies.
Consider for example, the flux in UK migration policy
European Union.
2 Potential Dutch Disease: A sudden and very large
influx of remittances can lead to a phenomenon
known as "Dutch Disease," where an over-reliance
on remittances can cause a currency appreciation
in the foreign exchange market thereby making
exports less price competitive. This can negatively
impact other sectors of the economy, leading to a
lack of diversification and long-term economic
growth constraints.
3 Brain Drain: While remittances provide immediate
financial benefits, they may also exacerbate the brain
drain phenomenon, where skilled workers migrate to
seek better economic opportunities abroad. This brain
drain can result in a loss of human capital and talent,
hindering the long-term development prospects and
supply-side potential of recipient countries.
One of the underlying issues with remittances is the very
high cost of making money transfers across national
borders. Cutting this cost towards 3% by the year 2030
is one of the Sustainable Development Goals (SDGs) but
we are a long way from achieving it. The most expensive
countries in the world to send remittances to largely
consist of countries in Sub-Saharan Africa. Average costs
of sending remittances in 2023 were highest in Sub-
Saharan Africa (7.9 percent) and the lowest in South Asia
(4.3 percent).
Given the significance of labour migration as a
dominant political issue in the UK, Europe and beyond,
it is definitely worth being aware of the importance of
remittance flows in the growth and development debate.
A key takeaway point is that remittances flow now
dominates overseas aid and FDI across borders and that

www.tutor2u.net/economics 27
TAYLOR SWIFT: THE BUSINESS BEHIND THE MUSIC
by Nicky King

Understanding how Taylor Swift has rewritten the rules of pop stardom. She has
Swift operated amassed a net worth of an estimated $1.1 billion as CEO and
her business is executive manager of the brand Taylor Swift. Swift has carved out a
‘application’. remarkable career in the business side of the music industry using
clever marketing strategies and savvy brand partnerships, becoming
one of the wealthiest musicians of our time. This is how:
• Music and streaming: Swift skyrocketed to fame with her
transition from country music to pop. Both physical and digital
album sales soared.
• World tours and concerts: Swift is renowned for her Live performances
are a complement
spectacular live performances, with sold out shows around the
to Swift’s music.
world. Concerts are a major income stream.
Heavy branding and
brand proliferation
• Endorsements and brand partnerships: Swift aligns with
makes the Taylor brands like Coke, Keds, and Apple Music, extending her brand
Swift products more beyond music.
price inelastic in • Merchandising: branded clothing and collectibles earn Swift
demand. considerable income from fans. This is testament to her ability
to connect with her audience on a personal level with
clever use of social media.
• Songwriting and publishing: Swift’s talent as a songwriter is
key to her success. Signing deals with Republic Records and Diversifying assets
Universal Music Group showcased her business acumen. It also means spreading
retained control over her work and earnings. the risk of those
assets. If one area of
It is important to • Property: Swift has made high profile property investments in assets falls in value,
distinguish between Rhode Island and New York City. This has diversified her wealth it may not impact
‘income’ and portfolio. overall wealth very
‘wealth’. Income is • Entrepreneurial ventures: Swift’s own fragrance and app “The much.
a stream of money Swift Life” demonstrates her ability to explore new avenues of
over time. Wealth income and be innovative.
is a stock of assets,
they are already Taylor Swift tours are highly anticipated and draw fans from around World tours are
owned. the globe. The excitement of the Eras tour drew overwhelming exports – the
demand for tickets. The surge in demand for tickets caused many money streams into
platforms to crash, leaving thousands of fans unable to purchase the US as export
tickets. revenue.
Added to this, bots and ticket touts quickly purchased large batches
of tickets, then resold them at highly inflated prices on the secondary
markets. This drove up the price of tickets for genuine fans.

28 A Level Economics Update Spring 2024

Several platforms experienced technical
glitches such as slow loading pages
and payment errors. This was followed
by slow and poor communications from
Swift’s team and ticketing platforms.
Errors on platforms will increase the
costs of production. Producers must
employ more staff to deal with the
technical errors and to respond
to customers.

Many VIP and premium package tickets

were scarce and left fans disappointed.
Ongoing global supply chain disruptions
affected the delivery of physical concert
tickets and merchandise. This has
added to the frustration for Swifties.
Taylor Swift’s meteoric rise to fame is
due to both her musical talents and
her business acumen. The challenges
faced during the ticket selling process
of her Eras tour has left some fans
disheartened. The music industry
continues to grapple with evolving
technologies and increasing fan
expectations.

Global supply chain disruptions began in

the pandemic due to lockdowns. They have
continued due to wars and disruptions in the
Suez Canal.

Year 12 question
a Draw a demand and supply diagram showing a price inelastic demand curve for Taylor Swift merchandise.
b Show the effect of a reduction in the supply of merchandise due to the global supply chain problems.
c On the diagram, indicate the area representing:
• the loss of total revenue resulting from the shift in supply
• the increase in total revenue resulting from the shift in supply

Year 13 question
Draw a cost and revenue diagram showing the impact on supernormal profit of a rise in production costs resulting
from the technical glitches in the platforms when selling concert tickets. (Hint: variable costs will rise).

www.tutor2u.net/economics
www.tutor2u.net/economics 29
29
ARGENTINA An opinion piece by George Vlachonikolis
For as long as I have been a teacher, Argentina has been used as the case-study of how not to run an economy. Despite
being a G20 country with a GDP of around half a trillion US dollars, statistics don’t lie:
• 40% of the population lives below the poverty line.
• Current inflation rates lie at somewhere between 150% and 250% depending on your source of information.
• Argentina has defaulted on its international debt nine times, including three times during the past two decades.
• It is the largest debtor in the world to the IMF (over $100bn to the IMF; over $400bn in total).
• At the turn of the millennium, the Argentinian Peso was pegged to the dollar at 1 USD to 1 Peso. After a series of currency
crises (2014, 2018, 2019), the exchange rate in early 2024 was1 USD to 822 Peso. The Peso has lost 99.3% of its value in
20 years.

Understandably, the people of Argentina are looking for some
economic stability in the future management of their country.
In December 2023, they elected Javier Milei to be their new
President. From his Wikipedia page, you might assume that
Milei is the perfect fit: a data-driven technocrat with an
expert level of economic understanding. For example: he
has an undergraduate degree and two postgraduate degrees
in Economics, he has spent 20 years as a professor of
macroeconomics (with, we are told, 50 academic papers to his
name) and he has worked as the Chief Economist for a private
pension company. Type his name into Google though, and you
might be surprised. He has unruly hair, often dresses up for
campaign speeches (sometimes wearing a batman costume,
sometimes wielding a chainsaw) and describes himself as
an anarcho-capitalist. Right now, he’s probably most famous
for a viral internet video, in which he is seen ripping off and
throwing away the labels of various government ministries; a
clear signal that he wants to completely gut the public sector.
“Ministerio de Cultura: fora! Ministerio do Meio Ambiente
e Desenvolvimento Sustentavel: fora! Ministerio das
mulhares, genero e diversidade: fora! Ministerio de
Educacao: fora!”
Translation: Ministry of Culture: Out! Ministry of the
Environment and Sustainable Development: Out! Ministry
of Women, Gender and Diversity: Out! Ministry of
Education: Out!”
Mileinomics, it seems, will put the free market above all other
things. It is a bold plan, largely inspired by the Austrian school
of thought (which boasts economists such as Hayek and von
Mises), and ultimately leaves the government with as little
role in society as possible. A good example is Milei’s plan to
privatise the Ministries for Science, Technology and Innovation.
This would effectively hand over control to large business and
financial groups that, in his words, “will decide which sciences
are useful for their profits”. You can make up your own mind
about whether profit is likely to be the best judge of which
sciences are useful or not.
In his first few months in power, Milei has already tried to take
a chainsaw to the old regime. In barely any time at all, he has
initiated proposals to:
• end automatic pension increases
• decrease transfer payments from the welfare state,
• cut worker protections
• eliminate price controls on medicines and cut public
spending on healthcare,
• slash energy and transport subsidies
• deregulate industries and privatise state companies
• … and, perhaps most controversially of all, abolish the
country’s central bank so that Argentina can start using
the US dollar instead of the Peso (so-called ‘Dollarisation’)
This type of shock therapy will not come without its challenges.
The proposals will obviously need to be ratified by the political
system and Milei’s party only holds only a tiny minority of
seats in the legislature. In addition, Argentinian trade unions
have already begun calling for nationwide strikes in opposition
to his labour market reforms. Analysts have warned that the
government’s ability to limit disruptive protests will be critical
to determining the long-term viability of any new proposals.
On the flip-side, there is some suggestion that foreign direct
investment into Argentina has begun to spark into life. A
cynic might suggest that this is a sign of the vultures circling,
waiting to pick off any potentially lucrative industries once
they are sold off by the State. But there are others who may
well argue that Mileinomics is exactly
what Argentina’s economy needs
and it’s better to invest early
before this sleeping giant
awakens.

30 A Level Economics Update Spring 2024

A LEVEL ECONOMICS REVISION
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SUGGESTED ANSWERS TO ACTIVITIES
EXAM TECHNIQUE
Extent-o-meter Possible oversimplification Scope: Not towns, motorways
No/small/some/great Are there more effective policies? or rural areas

1 To what extent are behavioural policies the most effective way to reduce congestion in the UK’s cities?
Scope: Not conventional Scope: including England,
or paternalistic policy Wales and Norther Ireland
Double-Dimension
Can and should Should but can't
Scope: Not individuals Can't but Cannot and
or firms should not should not

2 Evaluate the view that governments of all countries can and must do more to tackle climate change.
Scope: Developed Possible oversimplification
and developing Must or should?

MARKET CONCENTRATION IN THE BABY FORMULA MILK MARKET

Year 12 question: Explain why consumers in the baby formula market may not be rational.
Parents may be hesitant to switch formula brands due to loss aversion, fearing that a change might lead to a perceived loss in their
baby's well-being. Parents, particularly new ones, may be risk-averse when it comes to their baby's nutrition. They might stick with a
familiar formula brand to avoid the perceived risk of trying something new, even if evidence suggests minimal nutritional differences.
The formula provided in hospitals or recommendations from healthcare professionals, may be preferred due to default bias. Marketing
strategies that emphasize a particular formula as being closest to breast milk can create an anchoring effect. Parents might anchor their
perception of formula quality to these claims, leading them to favour more expensive options. These behavioural concepts highlight that
consumer decisions in the baby formula market are not purely rational but are influenced by emotional considerations.
Year 13 question: Assess whether the CMA should aim to introduce more contestability into the baby formula market.
A contestable market is one with low barriers to entry and exit so that new suppliers can come into a market to provide fresh competition
to established businesses or at least credibly threaten to enter to induce more competitive behaviour by firms already in the market. The
Competition and Markets Authority (CMA) could potentially take measures to make the baby formula market more contestable, through
regulatory changes, promoting transparency, encouraging innovation, addressing market concentration, monitoring pricing practices and
educating consumers. A more contestable market increases competition, which can benefit consumers by providing more choice,
better-quality products, and lower prices.

QUANTITATIVE SKILLS
Question Set 1: Question Set 2:
1 0.4 1 -20/+50 = -0.4
2 2 2 -16.7/+20 = -0.835

Question Set 3:
Rearrange the PED formula to %∆Qd = PED x %∆P Rearrange the PED formula to %∆P = %∆Qd/ PED
make %∆Qd the subject. make %∆P the subject.

Rearrange the PES formula to %∆Qs = PES x %∆P Rearrange the PES formula to %∆P = %∆Qs/ PES
make %∆Qs the subject. make %∆P the subject.

Rearrange the YED formula to %∆D = YED x %∆Y Rearrange the YED formula to %∆Y = %∆ D/ YED
make %∆D the subject. make %∆Y the subject.

Rearrange the XED formula to %∆QdA = XED x %∆PB Rearrange the XED formula to %∆PB = %∆QdA / XED
make %∆QdA the subject. make %∆PB the subject.

32 A Level Economics Update Spring 2024

Question Set 5: Question Set 8:
%∆QdA = XED x %∆PB 8. 66.67/ 30 = 2.22 = elastic
%∆QdA = +0.2 x 20 = 4%
Question Set 6: Question Set 9:
%∆Y = %∆ Qd/ YED 9. +33.33/+33.33 = +1 substitute goods
%∆Y= -36 / +1.2 = -30%
Question Set 7: Question Set 10:
-15/10 = -1.5 = elastic 10/5 = 2 normal good

INDIA – WILL CASH EVER GO AWAY?

Year 12 question: Explain the importance of money in allowing economies to specialise.
Specialisation means workers or firms (or countries) focus on producing a single good or service or a narrow range of goods or services.
Eg the UK and financial services. This means efficiency increases and standards of living rise. However, workers can only specialise if they
know they will be able to exchange the goods and services they are producing for other goods and services that they want or need. One
possibility would be barter but this is inefficient as it relies on a double coincidence of wants. Money, because it is widely accepted as
payment is a medium of exchange greatly increases the efficiency of trade.
Year 13 question: Explain why a country such as India wishes to reduce the size of its informal economy
In an informal economy either payment is not being received for goods or services produced or records are not being kept. Although India is
one of the fastest growing economies in the world it is a middle-income country with considerable inequality and significant numbers still
remaining in absolute poverty. A reduction in the informal sector would increase incomes for families including those living in poverty.
Furthermore, it would increase the tax base for the government allowing more funds for spending on programmes such as education, health
and critical infrastructure which will lead to both growth and development.

TAYLOR SWIFT
Year 12 question Suggested outline:
a Draw a demand and supply diagram showing a price inelastic Here we need a price inelastic demand curve diagram
demand curve for Taylor Swift merchandise. with the total revenue areas marked on.
b Show the effect of a reduction in the supply of merchandise
due to the global supply chain problems.
c On the diagram, indicate the area representing:
• the loss of total revenue resulting from the shift in supply
• the increase in total revenue resulting from the shift in
supply

Year 13 question
Suggested outline:
Draw a cost and revenue diagram showing the impact on Need a costs and revenue diagram showing the
supernormal profit of a rise in production costs resulting from reduction in supernormal profit.
the technical glitches in the platforms when selling concert
tickets. (Hint: variable costs will rise)

www.tutor2u.net/economics 33
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34 A Level Economics Update Spring 2024

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