Articles

This page contains all my blogposts. I cover various topics such as university admissions, economics exams at A-level and university level, as well as other economics issues.

Economics (miscellaneous)

Big tech

How the UK tackles market power, mergers and big tech

How did Amazon grow so large? 4 key economic factors

Will robots take our jobs? What economists say about AI

Labour markets

What economic theory says about immigration

Why Goldin won the Economics Nobel Prize – 5 key takeaways

Will robots take our jobs? What economists say about AI

Maths in economics

5 ways economics uses statistics – correlation and causation

6 key marginal equations in economics and how they apply to the real world

Don’t be fooled! How to understand economic statistics

Behavioural economics

10 behavioural biases that affect our decisions (and how to avoid them)

The economics of giving gifts

Development economics and long run economic growth

Why are some countries rich and others poor? The role of institutions

Has microfinance worked? The power of randomised control trials

Government intervention / other

Why governments save some firms but not others

How free markets can provide public goods

3 economic fallacies explained

How to apply to university for economics

Please see the link here.

12 tips for how to score highly in undergraduate economics

A-level Economics resources

Please see the link here.

Full blogpost list (by date)

• 25 Marker Model Answer in style of Edexcel Economics A [Monopoly]
  Here is a model answer to a question on monopoly. This is written in the style of an
• 3.4.4 Oligopoly – Edexcel Economics A notes
  Contents Definition and characteristics of oligopoly An oligopoly is when a small number of producers dominate the market.
• 3.1.2 Business growth – Edexcel Economics A Notes
  Contents Types of business growth and the advantages and disadvantages of each There are four ways that businesses
• 3.1.1 Sizes and Types of Firms – Edexcel Economics Notes
  Contents Why do some firms remain small while others grow? Divorce of ownership from control and the principal
• 3.4.7 Contestability – Edexcel Economics A notes
  Contents The characteristics of a contestable market Contestability measures the extent of barriers to entry and exit in
• Fiscal policy – 2.6.2 Part 2 Edexcel Economics A notes
  What is fiscal policy? Fiscal policy includes changes to government spending and taxes. What does the UK Government
• 2.3 Aggregate Supply – Edexcel Economics A notes
  Contents What is aggregate supply? Aggregate supply (AS) is the total supply of goods and services in the
• 4.1.7 Balance of payments – Edexcel Economics A notes
  Contents What are the components of the balance of payments? The balance of payments is a record of
• 4.1.2 Specialisation and trade (including comparative advantage)
  Definitions Absolute advantage occurs when one country can produce a particular good at a lower cost compared to
• Theme 4 Edexcel A Economics A Level Style Practice Questions – Globalisation and Croatia
  This is a theme 4 practice question section B in the style of Edexcel Economics A. It covers
• Theme 3 Edexcel A Economics A Level Style Practice Questions – Internet Search
  Please see below a practice question. This is written in the style of Edexcel A Economics A Level, Section
• Edexcel Economics notes 2.6.2 Part 1 – monetary policy
  Contents What is monetary policy? Monetary policy: changes to interest rates, money supply and exchange rates. This includes
• 4.1.8 Exchange rates – Edexcel Economics A notes
  An exchange rate is the price of one currency in terms of another currency. An example exchange rate
• How does machine learning differ from linear regression?
  Contents Why linear regression matters Econometrics is the intersection between economics and statistics. It conducts statistical tests to
• The economics of going to university – signalling or skills?
  How to explain the graduate wage premium What are the benefits and costs of going to university? Looking
• Reading economics papers – where to start
  Why read academic papers in economics? Understanding economics at a university level requires reading academic papers.  Academic papers
• Utility maximisation and indifference curves – introduction
  This file below gives an introduction to indifference curves, utility maximisation and budget constraints. Suitable for students thinking
• Edexcel Economics Theme 3 Multiple Choice Quiz
  This quiz contains 15 multiple choice questions on theme 3. This includes market structures and labour markets. Theme
• 2.6.3 Supply side policies – Edexcel Economics notes
  Defining supply side policies Supply-side policies increase the productive potential of the economy. There are two types of
• 2.2 Aggregate demand notes for Edexcel A Economics
  Aggregate demand definition Aggregate demand (AD) is the total demand for all goods and services in the economy
• 2.1.2 Inflation Edexcel A Economics Notes
  Contents Definitions Inflation is a persistent increase in the price level. Deflation is a persistent fall in the
• Don’t be fooled! How to understand economic statistics
  “Total UK Government debt has reached £2.72 trillion as of the end of 2023.” This is the kind
• 3.3.2 Costs
  Definitions for costs We can consider costs either in the short run or the long run. In the
• Essay competition season – advice for economics students
  I know a lot of economics students are now writing their essay competition entries. With that in mind,
• Tariff Diagram Step by Step
  Without a tariff: Supply can come from domestic firms or from abroad (“World Supply”). World supply is perfectly
• 14 Practice Papers for A Level Economics 2024
  Here my new, 2024 practice papers. These are made in the style of each AQA and Edexcel A
• Marketing Activities for Personal Statements
  This article is for those applying for Marketing undergraduate degrees at UK universities through the UCAS system. For
• Management Activities for Personal Statements
  This article is intended for students applying to study Management at undergraduate courses in the UK through the
• Theme 1 Edexcel A Economics A Level Practice Questions – Fossil Fuels
  Please see below a practice question for Edexcel A Economics A Level. This is a section B based
• 3.3.1 Revenue
  Formulae Total revenue = price x quantity. Average revenue = total revenue ÷ quantity. Marginal revenue = the
• 1.3.4 Information gaps – Edexcel A Level Economics notes
  Contents Definitions Symmetric information means buyers and sellers have the same amount of information. Asymmetric information means either
• 1.3.1 and 1.3.2 Market failure and externalities
  Contents What is market failure? Market failure is when the free market leads to a misallocation of resources.
• 1.4.2 Government failure
  Government failure occurs when government intervention leads to a net welfare loss. Here are four types of government
• 11 Practice Questions in style of Edexcel Economics Paper 2
  Revising current affairs and doing practice questions are both recommended revision tasks ahead of Edexcel Economics A A
• Theme 4 Edexcel A Economics A Level Resources
  Jump to Resources Section B Edexcel style practice question for theme 4 [globalisation and Croatia]. 25 marker model
• 1.1.6 Free market, mixed and command economies
  Contents Definitions There are three types of economies: Famous figures and their views on free markets: Smith, Hayek
• Theme 2 Edexcel A Economics A Level Resources
  Jump to Resources 25 marker model answer [supply-side policies] Notes 2.1.2 Inflation 2.2 Aggregate demand 2.3 Aggregate supply
• 25 Practice Questions in style of Edexcel Economics Paper 1
  Revising current affairs and doing practice questions are recommended for revising for Edexcel Economics A A Level Paper
• Theme 3 Edexcel A Economics A Level Resources
  Jump to Resources Practice question for section B, theme 3 only. Case study on Google and internet search
• 22 Real World Examples for Microeconomics 2024
  Here are some real world examples to revise ahead of microeconomics paper 1 exams. Great for scoring those
• A Level Economics AQA Tutor
  Are you looking to improve your Economics A Level grades? I’m Tom, a Cambridge-educated economist turned economics tutor.
• Key real world examples for macroeconomics 2024
  Here are some key real world examples for macroeconomics. Correct as of 1st May 2024. Here is a
• How to get a head start in undergraduate economics
  Some of you may be heading for university level economics. In the past I have worked with several
• 25 Marker Model Answers for Economics A Level
  Contents – click to jump to your exam board 25 marker Economics A Level model answer – AQA
• A Level Economics Marking
  I am offering marking for AQA and Edexcel A Economics students. I attempt to turn around any marking
• The economics of why people give gifts
  Any kind of holiday season influences the types of goods bought and sold, as well as the level
• A Level Economics Edexcel Tutor
  I’m Tom, a Cambridge educated economist turned full-time economics tutor. Through my tutoring and resources on this website,
• What economic theory says about immigration
  The UK continues to post high immigration figures. For 2022, net migration into the UK stood at 745,000 people.
• 1.1.5 Specialisation and the division of labour
  Contents Definitions Specialisation is when individuals, producers or countries produce a specific good or service. Division of labour
• 1.2.8 Consumer and producer surplus
  Consumer surplus (CS) is the difference between what consumers are willing to pay and what they actually pay for
• 1.2.9 Indirect taxes and subsidies
  Contents Impact of indirect taxes Indirect tax is payment collected by firms and paid to government. An example
• A Level Economics Notes for Edexcel A
  This notes page is a work in progress. Theme 1 1.1.1, 1.1.2 and 1.1.3 – Economic models, statements
• 1.1.1 to 1.1.3 Economic models, statements and problems
  These are notes designed for Edexcel A Economics A Level. 1.1.1 Economics as a social science What are
• Theme 1 Edexcel A Economics A Level Resources
  Jump to Resources Practice question for section B, theme 1 only [fossil fuels] 15 marker model answer Edexcel
• Notes and Resources for Edexcel A Economics A Level
  Resources by theme Other Edexcel A Economics Resources About the author
• 1.2.3 Price, income and cross elasticities of demand
  Contents Price elasticity of demand The price elasticity of demand (PED) measures the responsiveness of demand to change
• Has microfinance worked? The power of randomised trials
  Being poor and living in a developing country makes it hard to borrow funds to start or grow
• Can the free market provide public goods?
  The textbook definition of a public good is: “A good or service that is non-rival and non-excludable“. Non-rival means
• Why are some countries rich and others poor – institutions?
  Why do some countries see high economic growth, while others remain poor? There are several economic growth theories
• How the UK tackles market power, mergers and big tech
  The Competition and Markets Authority (CMA) is the UK’s main competition regulator. It is playing a larger role
• Why governments save some firms but not others
  The UK Government has spent hundreds of millions of pounds subsidising steel companies in the UK. This includes
• 3 Economic Fallacies Explained
  Economics is a very useful tool for discussing the real world.  This includes breaking down fallacies about economics
• How Did Amazon Grow So Big? 4 Key Economic Factors
  What has driven the growth of Amazon? In his annual letters to Amazon shareholders, Jeff Bezos outlines the principles
• Will AI take our jobs? What economists say about AI
  The UK recently held an international summit about artificial intelligence (AI). Leaders and large firms have been taking AI extremely
• 5 Ways Economics uses Statistics – Correlation and Causation
  1) Interpreting correlations Suppose you observe a negative correlation between A) the amount of government debt in a country and
• 6 Key Economics Marginal Equations and how they apply to the real world
  The “margin” refers to the consequences of a small change (often a one unit change) in a key
• How to find an A-level Economics tutor
  I get a lot of questions from students and parents about finding economics tutors for A-level Economics. Particularly
• Economics A Level Online Courses | For Edexcel A and AQA
  Are you struggling to improve your grade in A-level Economics? Do you need help with mastering the course
• 15 Diagrams for A-level Economics | Macroeconomics
  Here are some key diagrams for A-level macroeconomics exams and revision. Can be used for AQA, Edexcel A
• Why Goldin won the Economics Nobel Prize | 5 Key Takeaways
  Today, the winner of the Economics “Nobel Prize” equivalent was announced. Claudia Goldin won for her work on women in
• Development Policies – Consequences of Aid
  Examples of aid Effects of aid on recipient country Other evaluation points The effectiveness of aid depends on:
• Supply and Price Elasticity of Supply | 6 key determinants
  If you want more exam technique advice about AQA and Edexcel Economics A A Level, check out the
• Inflation and Deflation – What are the Causes and Consequences?
  Inflation is a persistent increase in the price level. Deflation is a persistent fall in the price level.
• Government Spending Key Points – Economics A-level notes
  If you are looking for more A-level Economics essay and exam tips, check out the link below: Government
• 12 Tips | How to score highly in University Economics Degrees
  As a former economics tutor, I have helped many economics university students improve their grades. Many have achieved
• 10 Top A-level and IB Economics Resources for 2024
  As a former economics tutor, I have created a list of the top Economics A-level online resources (in
• 10 biases that affect our decisions (and how to avoid them)
  Rational decision makers are essentially human calculators. When faced with a choice of ice creams to eat, they
• Taxes | 4 diagrams, micro theory, analysis and evaluation.
  Definitions A tax is a payment to the government. This can raise revenues to cover government spending. But
• Perfect Competition – Diagram, Examples and Evaluation
  Perfect competition is a market structure, with these properties: As a result of no barriers to entry or
• 24 Model Answers to 25 mark questions in style of AQA / Edexcel Economics
  A* answers do not have to be complicated. Yet every year students ask me: “How do you get
• 44 Diagrams for A-level Economics: Microeconomics
  This article below contains some key diagrams for A-level microeconomics exams. Suitable for AQA, Edexcel A and other
• 20 A* Evaluation Points for A Level Economics
  Most students cannot evaluate well. Evaluating well can be the difference between an A and an A* or
• 5 Tradeoffs between macroeconomic objectives
  For how to structure economics A-level essays for AQA and Edexcel A, check out the link below: The
• 9 Barriers to Development and Growth | Economics notes
  Barriers to development or growth are issues that reduce the rate of development or economic growth for a
• Monetary Union – Diagrams, analysis and evaluation
  A monetary union is a group of nations sharing the same currency. The Eurozone is one example of
• Behavioural Economic Policies – Analysis and Evaluation
  Examples of behavioural economic policies include: Contents Definitions Choice architecture / framing – changing how a choice is
• Privatisation and Nationalisation – Examples and Evaluation
  Privatisation is the sale of a government owned firm to private ownership. While nationalisation is the opposite. The
• Subsidies – definitions, examples, analysis, evaluation
  A subsidy is a government payment to a firm to encourage production of a particular good. For example
• Competition Policy – Definition, Examples and Evaluation
  Competition policy features measures to prevent the abuse of market power. Types of competition policy include: Who enforces
• Labour supply and labour demand – labour market basics
  We can think of wages and employment in terms of a “labour market”. Just like there is supply
• How to Analyse | A-level Economics | With Examples
  Analysis is the most important skill in A level Economics. Master this and your essays will have a
• Key Points for Monetary Policy | A-level Economics Notes
  Definition Monetary policy includes changes to interest rates, money supply and exchange rates. Main functions of a central
• Financial market regulation – A-level Economics AQA notes
  Key links Contents Regulation of the financial system in the UK The Bank of England: The Financial Conduct
• Model Answer to 8 Mark Question in Style of Edexcel Economics
  Here is a sample 8 mark question and model answer. This is in the style of Edexcel Economics
• How to answer a 12 mark question in Edexcel Economics style
  Below I share a model answer for a 12 mark question. This question is in the style of
• How to achieve a 7 in IB Economics HL – 10 Key Tips
  Anyone can get a 7 in IB Economics HL. But that does not mean it is easy at
• Minimum wage notes | Does classical economics get it wrong?
  Standard supply and demand theory claims the minimum wage increases unemployment. But we have seen rising minimum wages
• Example 15 Mark Answer in Style of Edexcel Economics A
  The 15 mark question for Edexcel Economics A is where I see students drop most marks. Usually there
• How to write a 10 mark answer for paper 3 IB Economics
  There is very little time to write the 10 mark response for paper 3 IB Economics. But how
• 10 Mark Paper 1 Sample Answer for IB Economics HL
  Anyone can score top marks in a 10 mark question. But what stops people from doing well? What