Exam Skill of Application | A-Level Economics Basics

0:02Wasted money on cures.

0:06Forgot how to fix myself.

0:11They say that time is free.

0:15Then why is it so precious?

0:19Oh, I'll save

0:21meories

0:23in my head

0:26like polo ro on wall. They remind

0:32you to look ahead.

0:36Time is running out.

0:41[Music]

0:45Time is running out.

0:50[Music]

0:55Lately I've lost my track.

0:58[Music]

0:59>> I've sailed the deepest seas

1:02deep hoping I find something

1:06[Music]

1:08to bring back better times.

1:11Oh, I'll save

1:14me

1:16in my head.

1:18Like polar eyes on

1:22they remind

1:24you to look ahead.

1:28Time is running out.

1:33Time is running out. Time is running

1:36out. Time is running out. Time is

1:40running out. Time is running out.

1:45Time is running. Time is running out.

1:48[Music]

1:54The time is running out.

1:58[Music]

2:02Yeah. Yeah.

2:06What if my best days are over? They

2:10can't be over.

2:14[Music]

2:17They can't be over now.

2:21Time is running out.

2:23What if my

2:26over

2:29[Music]

2:34time is running?

2:36[Music]

2:45Time is running out.

2:49[Music]

2:58Okay. Hi there. Welcome to the first in

3:00a series of 10 live streams uh on a

3:04Monday evening 6:00 each week looking at

3:07key exam skills or key topics. Basically

3:10taking year 12 material and really

3:12trying to link it to the stuff you'll be

3:13covering in year 13 if you're in the

3:15final year of study. Hi, I'm Jeff from

3:17the Tube and welcome to our evening live

3:19stream. Uh we've got a great group

3:22already with us including some people

3:23who are uh celebrating their fantastic

3:26success in their levels. a couple of

3:27former students we know well from our

3:29live live streams last year uh who've

3:31done remarkably well I'm moving on to

3:33great things in a few weeks time. So

3:35welcome to them and welcome to all of

3:38you. So if you are subscribed to the

3:41channel then feel free to contribute to

3:43the live stream. We love the answers and

3:44we'll do our best to showcase some of

3:46the best contributions as we go through

3:48the session. This is recorded so feel

3:51free to watch it and catch up uh at a

3:55time of your convenience. Today we're

3:57going to look at application. I think as

3:59an examiner it's one of the most

4:01important uh discriminating factors

4:04between a good student and a great

4:06answer. It's the quality of application.

4:08So hopefully a couple of really

4:09interesting ideas, simple ideas for you

4:10to take into your new school year. Let's

4:13start with a couple of uh little

4:15quizzes. We often do this on the live

4:16stream. So, we've got a quiz called the

4:18big reveal.

4:20I've got five clues here for you of a

4:23country, an economy. Can you guess

4:26correctly the name of the country? Uh,

4:29here's the first one. They're known for

4:30a very low corporate tax rate, tax on

4:34earned income or company profits. So,

4:36this country has a low corporate tax

4:37rate. We'll keep an eye on the chat

4:39window to see the answers coming

4:40through.

4:42This country has attracted uh investment

4:45from many multinationals among them

4:49Apple, Google and the pharmaceutical

4:51giant FISA. Now that's application.

4:54Knowing some examples of multinationals

4:56is application. Okay. Third clip coming

4:59up. It's GDP per head is now amongst the

5:03highest in Europe. income per capita

5:08adjusted for purchasing variety amongst

5:10the highest in Europe.

5:12Uh looking for some we have some good

5:14answers. Switzerland's come through.

5:16Northern Ireland. Cyprus has come

5:17through. Some great answers. So thank

5:19you for those. It's among the top 10

5:22global exporters of whiskey spelled with

5:25an E. It's also the world's largest net

5:27exporter of butter.

5:30So exports minus imports. Net exports.

5:33and people saying Norway.

5:37He's also a member of the European

5:39Monetary Union. So I think have I beaten

5:41the group on our first session this

5:44year. What do we think? It's not Norway.

5:45It's not Northern Ireland. It's not

5:47Cyprus. It's not Switzerland. Five more

5:49seconds for some other answers to come

5:51through. What do we think here? Feel

5:52free just to contribute to the chat

5:55window as we as we go through. And

5:57Bberg, congratulations.

6:00It is indeed Ireland. Well done. Okay,

6:03great stuff. Here's another one.

6:06Another clue.

6:08Uh, the answer there was odd. One of the

6:10This is one of the fastest growing

6:11economies in Africa over the last two

6:13decades. So, this is a good example in

6:15terms of application of a country that

6:18has had fast sustained growth sustained

6:22growth of GDP.

6:24Clue number two, one of the largest

6:27economies in the world that doesn't have

6:28a stock exchange

6:31of any size or significance. Most

6:33countries have stock exchanges of

6:35financial markets. This country barely

6:37has a functioning stock exchange. So,

6:39uh, a couple of people saying Nigeria,

6:41one or two people saying Ghana. Third

6:43clue coming through.

6:45Uh, then national airline is by some

6:49metrics more profitable than their

6:51national banking sector. So they have a

6:54very successful and scaled airline

6:57that's actually more profitable than the

6:59banks in the country. People saying it's

7:01Nigeria. It's not.

7:04Clue number four. Keep going with these

7:06clues. Coffee is onethird of their

7:08export dollars. But actually most people

7:10in this country drink instant imported

7:13brands. So Kudsai and Co have both gone

7:16for Kenya. Interesting answer.

7:20Clue number five. The capital city has

7:24seen a skyscraper boom with a large with

7:27significant large Chinese investment. A

7:30good example there in terms of

7:32application of inward FDI

7:35um in their capital city which is Adis

7:38Ababa. So uh Lagos, Kenya, Zimbabwe,

7:43it's not. So five seconds, see who can

7:45get the right answer. And I think we

7:47have the right answer coming through.

7:49Canel's got it. Yeah, it is indeed

7:50Ethiopia. Now the reason for saying this

7:53why do this Ireland and Ethiopia these

7:55are two countries I'm interested in uh

7:58now what I would suggest you do if

7:59you're in year 13 is choose a couple of

8:02countries maybe three but choose two

8:04ideally one advanced economy and one's

8:06one one kind of emerging developing

8:08economy choose countries that are of

8:10interest to you and keep in touch with

8:13what's going on build a mini profile of

8:16a country which will serve you really

8:18well in daily response and essay

8:21questions, particularly questions which

8:22ask you to use countries of your choice.

8:25So that's application.

8:27Now, here's a little quiz for you. I've

8:29got three charts, but that's sneakily I

8:33have taken off the information on the Y

8:37axis and also the heading. So, can you

8:39identify the chart in chart one? What do

8:42we think here? This chart runs, it's a

8:4410year

8:46cycle and I think, what do we think?

8:49It's went up a lot in 2122. It's come

8:52down, but go back up again. Seb Webster

8:54and Bberg. Ah, bullet. Oh, by the way,

8:57yeah, we'll try and showcase on the

8:59screen

9:01and Seb's answers there. We'll showcase

9:03some great answers during our live

9:05stream. It is indeed UK inflation. Okay,

9:07that's 1 nil. Here's the second one.

9:10This is harder.

9:13What do we think here? Well done to Ward

9:15who got the right answer as well.

9:18So this is the number of people in

9:20thousands. So it's a figure that's gone

9:22up a lot in the last 10 years

9:25to well over a million.

9:29Okay. Can you identify this data chart?

9:32So

9:34talks about uh unemployment in the UK.

9:36It's linked to the labor market,

9:40but it's not.

9:43What do we think?

9:47What else is uh UK GDP per head? Uh no,

9:51because that would have to be measured

9:52in pounds or dollars.

9:55Jim says cheetah to two YouTube

9:56subscribers. Pretty good, but uh no,

9:59that's the figure is much higher than

10:01that. Allerg says new jobs per year.

10:04It's to do with the labor market and

10:06it's to do with particular types of

10:08jobs. So I'll give you 10 seconds. Can

10:10the collective wisdom of this group

10:13Oh, amaz goes for a number of people

10:15claiming job seekers or asylum in the

10:18labor markets. Not quite that. No. Ah, I

10:21think I've won on this one. It's going

10:23to be one each. I'll give another five

10:24seconds.

10:27Uh, water goes for new tech jobs. Great

10:30example. Really good. Thank you for

10:32that. It's not the right answer. Jasmine

10:35goes for specialized workers per year.

10:37Not quite.

10:39Okay, let me I've won. So, it's one

10:40each. It's the number of people on zero

10:43hours contracts.

10:45Now, this is a really key feature of the

10:46labor market. People in a job, they

10:50don't have a set number of hours per

10:52week or per month. And it's climbed a

10:55lot as part of flexible labor market.

10:56The Labor Party is trying to reform,

10:59perhaps ban them. Well over a million

11:01people are in zerohour contract jobs,

11:04part of the deregulated or gig economy.

11:07Now, the third chart is the decisive

11:09one. It's one each. It's Jeff one. Team

11:13economics one.

11:15What do we think here? I'll give you a

11:17clue here. This is for 2025

11:20and it relates to the UK.

11:23Can anybody here try and work out what

11:25this chart shows? It's for 2025

11:29and it relates to the UK. So, I'll give

11:32you 15 or 20 seconds. Those of you with

11:33us in the live stream,

11:36have a go. Post your answer in the chat

11:38window.

11:40Let's see if somebody can get it. If

11:41not, it's a little win for me tonight.

11:46So, it's the It's I'll give you another

11:48clue. It's the number of people.

11:52So, it's a bar chart showing the number

11:53of people. It's in the UK and it's for

11:5720 25.

12:03I think we don't have a lot of answers

12:05coming through the chat window. Oh,

12:06hello. Ward has gone for salary

12:09brackets. Really interesting. Well done.

12:12Bit nice bit of intuitive thinking

12:13there. It's not

12:19in a way. It's one of the reasons we're

12:22all here tonight.

12:25Ah, Jasmine says a number of unemployed

12:27in different counties. That's a great

12:29answer, Jasmine. Thank you for that.

12:32Doesn't win the prize though.

12:36Okay, five more seconds. I think it's a

12:38win for Jeff tonight. Super pleased

12:41about that. I shall go into the evening

12:42and celebrate. Okay, here's the answer.

12:46It's the number of A level entries in

12:47the UK by subject. Slightly cheeky,

12:49quirky answer, but notice there that

12:53maths is far away the most popular A

12:54level popular in terms of student

12:56numbers. Then psychology, then biology,

12:58then chemistry. Then there's a bit of a

12:59gap. There's a big battle going on

13:01between those next little cluster of

13:03subjects. Business studies, physics,

13:05history, sociology, art and economics.

13:08English literature numbers down. So too,

13:10geography down I think a little bit this

13:12year. Those are the number of students

13:13taking A levels last year. Let's see

13:16what the figures are for 2026 in a few

13:18months time. Okay, let's click on. Well

13:20done everybody. So golden rules. Thank

13:24you for joining in this session.

13:26thinking about application in the exam

13:28and thinking about using application and

13:30building those skills during the the

13:32next 9 to 10 months. Here are my golden

13:34rules. The first rule, if there's data

13:38in charts and tables, then when you're

13:41writing an answer, could be a mock

13:42paper, could be a real exam, there must

13:44be data in your answer. So, as an

13:46examiner, I mark thousands of answers

13:48every year, across different uh exams

13:51and different boards. I'm looking to see

13:54the good use of data in an answer if

13:56it's required and if it's in the

13:58extracts. So please don't ignore the

14:01data that it's put in there for a

14:03reason. Number two, use each extract at

14:07least once across the different

14:09questions. So let's say you have five

14:10questions, let's say in the daily

14:12response question, you'll know what your

14:14exam board does. And let's say you have,

14:16I don't know, four questions. So five,

14:19sorry, five questions and four extracts.

14:21you know each extra it may it may tell

14:23you use extract B and C or use table one

14:26fine but you've got to be using

14:28everything. So don't leave a table or an

14:31extract or a chart unused across the the

14:35question as a whole. Make sure you use

14:37it at least once. That way you're more

14:39likely to get some good application

14:41marks. Okay. And the third rule is

14:44include one element of application each

14:46main paragraph in a longer essay. So, if

14:50I'm marking a 25 marker, for example,

14:53and it's really good theoretically,

14:56there's no application, it's not going

14:58to get the top marks. There must be

15:00application in each main paragraph. So,

15:03when you're writing your school

15:05assignments, mock exams, whatever it is,

15:07try to follow these golden rules and

15:10they'll help. Okay, so moving on. Why

15:13does application matter? It matters

15:15because

15:16application shows you can use economics,

15:19not just memorize it. So it's not just

15:23about tables and theories and

15:25relationships. It's about using

15:26economics. You need application to get

15:29the higher marks for both analysis and

15:32evaluation. Okay? Application, if you

15:35like, is the glue that holds a really

15:37good answer together. And it takes you

15:40away from those kind of mid-level marks

15:42which are theoretically good and sound.

15:45I saw a lot of them in the summer,

15:47theoretically really good, but they

15:49weren't getting top marks or high marks

15:51because there was no application. An

15:53application also helps you structure

15:54your evaluation. It allows you to weigh

15:58the pros and cons of a policy or the

16:00short or long-term effects of something.

16:02Okay, application just helps uh leaven

16:05what you're writing. In short, strong

16:08application equals theory plus context

16:11plus specifics. And the more specific it

16:13can be, the better. So, moving on,

16:18uh, two main reasons, how how do you how

16:20do you get application into an answer?

16:23Firstly, in data response questions, and

16:26you'll probably do a lot of them this

16:28year, most application marks come from

16:31good and clear use of the extracts, the

16:33charts, and the tables. You don't need

16:36to bring really anything extra in onto

16:39the table. So in the data response

16:41question, the data is your friend and

16:44you're not required to bring loads of

16:46extra stuff in. You can get a perfectly

16:48good mark without without doing that.

16:50Okay? Whereas in essays, you will need

16:54as well as using the extracts or the

16:56stem if there is one, you'll need to

16:58bring your own evidence and examples. So

17:00purely theoretical answers cannot and

17:02will not get the top grades and

17:04everybody's now heading these trying to

17:06get these high grades to move on to a

17:07degree apprenticeship or university

17:09course. This is what our course is about

17:11this free course this autumn. Okay. So

17:14here we go. Let's have a quick look at

17:16uh some application. So we're going to

17:17use year 12 material. Please do

17:19contribute in the chat window. So uh can

17:21you give me some likely real world

17:23examples of well let's spin the wheel.

17:30Now you don't got data here. We just

17:31want some examples.

17:34Okay. A little test of your year 12

17:36stuff. Can you please give me real world

17:39examples of products with a negative

17:42cross price elasticity of demand? So you

17:46have to think about what is what does

17:47negative cross price elasticity mean?

17:51And if you can think of an example,

17:53please do add it to the chat window and

17:55we'll uh we'll bring up some answers as

17:58we go through. Aki is in very quickly

18:02with Coke and Pepsi. Uh are you sure

18:05that has a negative

18:08cross price elasticity? We'll check in a

18:11second.

18:12So this is when the price of X

18:16changes. What happens to the demand for

18:18a product Y? But it's a negative. Ah, a

18:22comes in. Wait, that has to be positive.

18:23Yeah. So, that would be two substitutes.

18:25So, now we're looking for compliments.

18:27Quite a few of you might not have done

18:28much economics over the summer. I

18:30haven't. So, you we're getting back into

18:33the scheme of things, aren't we? In the

18:34next few days, goes with printer and

18:36paper. Nice example. Yeah, really good

18:39example.

18:40Uh, yeah, really good. People are saying

18:43chair and table, pizza and tomato sauce,

18:46bread and butter. Yeah, really good

18:48example there from Devon.

18:51I've gone for the following. I've gone

18:53four

18:54uh pasta and pasta sauces complimentary.

18:59And uh Mesa went for something similar.

19:02Thank you for that. And also, I think

19:03the it's been in the news recently, the

19:04meal deals, the so-called bundling of

19:07products. So Tesco has just raised the

19:09price of their meal deal again, but

19:11supermarket meal deals such as

19:14Tesco and Asda. Okay.

19:17Uh, could I go for a printer and ink

19:19cartridge is really good. So,

19:22compliments. Let's have another go.

19:23We've got three of these.

19:27So, what will it be? Spin the wheel

19:28again, please, Jim. It won't be that

19:31one. We've had that one.

19:34So, again, this is application. We're

19:36not looking for data. We're just looking

19:37for examples because that counts as

19:39application. Markets with maximum prices

19:43or price caps.

19:47What do we think? Can you think of any

19:48examples in the UK

19:51of markets

19:54where the price is essentially capped?

19:56Oh, some good some really good answers

19:59coming through

20:00car there. University fees the cap's

20:03gone up. Of course, petition fees are

20:06capped. Jack comes in with water bills.

20:08A messa comes in with house renting.

20:10This is good application everybody. Well

20:12done.

20:14Uh are water bills capped? They not if

20:17you got a meter.

20:19Uh ah yeah, water goes for energy. Yeah,

20:22really good. See, this is application

20:24everybody. Here's my answers. I've gone

20:26for

20:28I've gone for the energy price cap which

20:29has been in place now for six years.

20:31It's going up by 2% again in October.

20:35Doesn't cap the bill, but it caps the

20:37amount you get charged per kilowatt of

20:39energy. So, you know, I'm a single

20:41person household and my bill is fairly

20:43low, but if you got 12 people in a

20:44house, student house for example, you

20:46pay off a lot for your bills. Rent

20:48controls in Scotland now coming to an

20:51end this year. And also, I like the

20:53answer by the way that came in from

20:54Carla about university fees. I should

20:55have added that to the slide, but bus

20:57fair caps in England outside London. So,

21:00I think the current bus fair cap is now

21:02three pounds per journey. Really

21:03interesting economic example. All of

21:06this everybody is application. Okay,

21:08that's what application means. One more.

21:10Let's try one more.

21:13So, let's spin that wheel. So, two of

21:15them can't come up. We've got four left.

21:22Oh, okay. Products with

21:25price in elastic demand. By the way, in

21:29these sessions, we are testing your year

21:3112 economics.

21:34So, no new material tonight. We're just

21:36going to reinforce what you covered in

21:39year 12 as we build into our autumn of

21:44live streams. Devin has suggested

21:47cigarettes. Who am I to disagree? Uh

21:50Seb's gone for fuel. Uh has gone for

21:53life. Jack Bolton's gone for toothpaste.

21:56Yeah. Uh Aki's gone for alcohol. And

22:00Jasmine adds in some lovely uh little

22:03little extra addictive goods like

22:04alcohol and cigarettes. Really good.

22:07Naris adds alcohol in there as well. So

22:09quite a few going for that. What have I

22:11gone for? I've gone for

22:15petrol and diesel or fuel. Uh

22:17prescription medicines interestingly.

22:20Yeah. So over the counter and

22:22prescription medicines and also basic

22:24food staples, eggs and flour. Okay. So

22:26you get the idea now. So here's the

22:29point for going forward. Application

22:31isn't necessarily data.

22:35A lot of students think it is. It's

22:36facts and figures. I've got to learn

22:38memorize lots of data. No. As long as

22:40you've got good examples.

22:43Contextualized application is what we're

22:45looking for. Let's move on. Well done

22:47everybody. Great stuff. So here are some

22:49tips for getting strong application box.

22:51Feel free just to to take, you know,

22:53think about these as we go through them

22:54and just try and build them into your

22:56studies as the new school year kicks

22:59into into into

23:01uh action. So use real world examples.

23:04Examiners love seeing concrete cases.

23:09Doesn't have to be about concrete, but

23:10concrete examples of countries, of

23:12markets, of firms, of policies, of

23:15industries. Actually, if we could bring

23:17up that slide, Jim, showing our you Tik

23:19Tok um

23:21um videos. What we're trying to do in

23:23Tik Tok is to provide you with lots of

23:25application. So, if you go to our Tik

23:27Tok um channel, we are doing lots of

23:31kind of application one minute videos on

23:34different industries. This is about the

23:35car industry, what's going on with the

23:38UK car sector, and lots of country

23:40profiles, including Ireland and Ethiopia

23:42and many others. So, we'll try and do

23:44one of these every day or so.

23:46several a week that give you a nice

23:49little application kickstart and you can

23:51add them to your notes or think about

23:53them. This is a great way of building up

23:55contextualized application. This is how

23:57you can really make your economics work

24:00for you. Another way of getting

24:02application uh is to use data in the

24:05answers. Now, sometimes that's provided

24:06for you. Don't worry too much by the way

24:09if you're worried about getting the data

24:11wrong in the exam. Examiners are not,

24:14you know, they're not ridiculous. An

24:17approximate data will be credited. You

24:20don't have to get it precisely right.

24:22But crucially, be specific, not generic.

24:25So instead of saying inflation reduces

24:27purchasing power, say strong CP

24:29inflation, sorry, inflation peaked at

24:3011% in 2022. There's the data which

24:33eroded real incomes and squeezed

24:35consumer spending. Okay, so that's

24:38really important. And also try to build

24:41up this year an application bank. So

24:45maybe print off the specification or

24:46have it on your on your iPhone or

24:48whatever it is or iPad and write in

24:52little examples of do examples in the

24:55specification in the syllabus that you

24:57can deploy in any essay. You don't need

24:59a lot of application. You just need a

25:02sprinkling. If you can start this

25:04process now, you got loads of time

25:07before the exam. Okay.

25:10So, moving on.

25:13Um, yeah, a couple of things here. So,

25:15spotting opportunities for application

25:17and extract. So, here's an extract about

25:18blueberries. Okay.

25:21Uh, seen as the ultimate superfood in

25:24the UK and we pay a high price for that.

25:26Um, apparently blueberries are

25:29superfoods. Now, here's a little

25:30extract. Have a quick look at it. uh

25:33when you're reading an extract um look

25:37for the data first of all. I'll

25:39highlight it on the next slide

25:42and you know we can highlight on the

25:44next slide please. That's that's where

25:46the data is. So when you're reading an

25:48extract highlight the data with a pen or

25:50a pencil make sure that data finds its

25:53way into an answer. Mesa comes up with a

25:55lovely question. Thank you for it.

25:57Should you get application for each

25:59specification point? The answer is yes.

26:02Really, you should. I'm give you a great

26:05example in the end about how you can do

26:08that. We've provided a new resource

26:09which we've uh uploaded today actually

26:12which will really help in about five

26:14minutes. So sometimes you're looking for

26:16the data. But another example uh if we

26:19move on to the next slide please. Here's

26:21a here's an extract about VAT on food

26:24and drink in the UK. Some things are

26:26subject to VAT like school fees now

26:28independent school fees but some things

26:30are not like cakes. Okay. So biscuits

26:33are taxed at 20% but cakes are not. Uh

26:37marshmallows are not taxed but Haribo

26:39sweets are if you know that. Um Gregs

26:43can avoid VAT on pasties by not

26:46reheating them.

26:48Okay. By putting them into a little

26:49packet or something and to keep warm but

26:51not reheating. They don't have to charge

26:53VAT. So there's quite a bit of

26:56controversy about what is taxed and what

26:57isn't. But in these extracts, if we move

27:00on to the next slide, um application can

27:03come in the form of words and examples.

27:06It doesn't have to be data, facts, and

27:09figures. Okay? So you can quote from an

27:13extract and that counts as application.

27:18In this example here, there's not much

27:19in the way of data, isn't there? Uh so

27:21for example moving on to the next slide

27:23looking at extract C there refer to the

27:26extracts in the answer extract C

27:28mentions the difference between public

27:30and private museums for VAT. So state

27:33museums are not subject to VAT whereas

27:36private museums are okay that that would

27:39be application in your answer. Okay.

27:43So, look to see the extracts you get. If

27:47there's charts and tables, you must use

27:49them. But sometimes you you just get

27:51text. Okay. Let's we'll take one example

27:53to finish with. Let's have a look at

27:55this issue. So, some people are saying

27:57that the government needs to raise extra

27:59money.

28:01Should they apply VAT of 20% to bakery

28:06items in the UK such as cakes? In other

28:09words, the economics of a cake tax.

28:12Okay, let's run a one minute clock on

28:14this. Those of you who've been with us

28:15before. Post an answer in chat. Can you

28:18give me one or two effects

28:21of VAT of 20% being applied to bakery

28:26items? Have a go.

28:34What might happen if the UK government

28:36bought in a VAT

28:40of 20%

28:43to cakes?

28:46Some great answers coming through. Thank

28:48you for Jasmine in particular there.

28:57I'll walk through a couple of my

28:59suggestions with you in uh 15 to 20

29:02seconds.

29:11So you go to the supermarket and um

29:16at the moment there's no VA on cakes.

29:20Aki talks a bit of analysis there. We

29:21reduce the demand for cakes and reduce

29:23profits for bakers.

29:26Wberg some great contributions today.

29:28Thank you. Low demand for cakes. Low

29:29revenue for cake firms. May layoff

29:31workers to cut costs. leading to higher

29:33unemployment. Water brings in the idea

29:36that might be some reduced cost of the

29:37NHS over time if uh the tax on cakes

29:40leads to an increase in healthier

29:42eating. Car I think comes in there car

29:44at all with a point about the healthy

29:46population and a lower burden than the

29:48NHS.

29:50So thank you to everybody. This is our

29:51first session this year. Some great

29:53contributions to the chat window.

29:55Jasmine comes in with lower profit

29:57margins for firms. All good answers.

30:00What I want to show you in this little

30:01example now is how to get those

30:03application marks.

30:06And we use something called such as

30:10seasoning. So here's my two points.

30:12Supermarkets such as Asda and Tesco that

30:16becomes application might absorb some

30:19VAT on their cheaper own brand cakes to

30:22keep prices attractive. So you have your

30:25branded cakes,

30:27lions, whatever it is. uh and you have

30:30your own brand cakes. Well, Asda and

30:31Tesco might say, "Well, we're making

30:32enough money already. We'll we won't

30:35pass on the VAT to the customers will

30:37absorb the tax," which you can do.

30:40Uh smaller bakers and cafes could be hit

30:43harder as niche products such as

30:47cupcakes and partis become more

30:49expensive and people just decide they're

30:51a discretionary purchase and as many of

30:52you will say um uh demand will fall.

30:56Okay. So, what I'm doing here, can you

30:58see what we're doing? I'm using a little

31:00phrase such as Asda and Tesco. I assume

31:04they make their own cakes as well. They

31:06might keep their prices down to sell

31:09more of their cakes or VAT is put on

31:12those other branded items. And then my

31:15second point, substitution effect.

31:16Shoppers might switch might switch to

31:19home baking flour, sugar, eggs, still

31:22zero rated as a cheap alternative. They

31:24might think it's unlikely, but they

31:26might. And customers may consume subject

31:29away from cakes towards fruit or health

31:30foods such as dried fruit. Now, I don't

31:33know if they will, but just putting in

31:35the phrase such as dried fruit

31:39is application. See what we're doing

31:41here? Little phrases such as

31:45and then a little example. You don't

31:46need the data. You just need a little

31:48bit of awareness can score you better

31:51marks for analysis and application. Your

31:55answers were very good on analysis. By

31:57the way, really good. So, thank you for

31:59those. What I've tried to show you here

32:01is how you can just nudge your way to a

32:04better mark with a bit of application.

32:06Just in the chat window, does the such

32:08as point make sense? Just adding in that

32:11little phrase such as. Does that make

32:14sense everybody? Are we okay with that?

32:17If we are maybe just let me know in the

32:18chat window so I know if that point's

32:20been made. So such as. Thank you book.

32:23Thank you everybody. That is and do

32:26practice using it in your assignments

32:29this year. If you do you'll get higher

32:32marks in the exam. Okay. Brilliant.

32:35Okay. Brilliant. Just to finish off

32:36with, thanks to everybody who commented

32:38that we have launched uh something

32:40called an examples bank.

32:44Now the the first one is just open. It's

32:47a free resource. We'll post a link to it

32:50in the comment section of this video.

32:51It's the Ed Exclonics Examples Bank.

32:54I've downloaded it myself today. Covers

32:56all four themes. Year 12, year 13. The

32:58AQA1 is on its way. It's in production.

33:01And it's an amazing document with

33:04examples

33:06both real and hypothetical covering

33:08every line of the specification. It is

33:13sensational.

33:14So please do have a look at that. If you

33:16want to download an examples bank onto

33:18your smartphone or your laptop or print

33:21it off as part of your notes, just type

33:23in, we'll put a poster link, but it's

33:24the Ed Excel Economics Examples Bank.

33:27Our team have been working overtime

33:28during the summer to produce that for

33:30you. Brilliant.

33:33Okay, so quick reminder of my golden

33:35rules. If there's data in the charts and

33:37tables, there must be data in the

33:39answer.

33:40Try and use each exercise at least once

33:42across the different questions.

33:45Okay? This is when you get on to your

33:47practice papers. Okay? and include at

33:49least one element of application in each

33:52main paragraph in a longer essay both

33:56for analysis and

33:59evaluation and if you can in your final

34:01conclusions as well. There we go

34:03everybody. Uh half an hour. Our time is

34:05up. First of all, thank you for joining

34:07the first of our live streams. We've got

34:0910 lined up for you Monday evening 6

34:11o'clock. If you can't make it fine, we

34:14record the session so you can catch up

34:16later. But if you can, please join us

34:19live uh contribute to the chat windows

34:22as many of you have done. Spread the

34:23word. Let's get a great community coming

34:25together to work our way through the

34:28autumn. So in great shape for things

34:30like mocks as we head towards the end of

34:32of what is quite a long term. So huge

34:36thanks for uh joining in today. If it

34:39you if it was useful, consider giving it

34:41a like, subscribe to the channel. It

34:43means the algorithm spreads it to more

34:46people. As always, stay healthy, stay

34:49happy, stay curious,

34:52and we'll see you sometime soon.