A LEVEL ECONOMICS EVALUATION ACRONYM 📈📚📝#sustainablebusinesswoman #alevels #aleveleconomics #alevel

Summary

In the video, Tilly Taylor shares how to excel in A-level Economics, focusing particularly on the evaluation marks, which are crucial and challenging to obtain. Tilly introduces an acronym, 'Celeste,' to help students enhance their evaluative points. Celeste stands for Contradict, Elasticity, Lags of Time, Expectations, Scale, Tradeoff, and Assumptions. Each element provides a different angle to critically assess and strengthen arguments, making them relevant to the context of the given data or extract. This approach not only boosts exam scores but also sharpens analytical skills. Tilly emphasizes the importance of these techniques in achieving high grades, drawing on her successful experience and current studies at LSE.

Highlights

• Tilly Taylor shares her secrets to scoring high in A-level Economics with 'Celeste.' 🧠
• Evaluation marks are pivotal and can make all the difference! 🚀
• Celeste helps dissect and analyze arguments with precision. 🧮
• Don't stress using every element; tailor it to your argument instead. ⚖️
• Remember, the key is to relate everything back to the extract or data. 🔗

Key Takeaways

• Achieving top marks in A-level Economics requires mastering evaluation marks. 🏆
• Tilly introduces 'Celeste' as an acronym to sharpen evaluative skills. 🎓
• Each letter in Celeste offers a unique perspective for critical assessment. 🔍
• Using the acronym helps relate arguments to the context, enhancing clarity. 🪄
• Key elements include Contradict, Elasticity, Lags of Time, and more. 📚

Overview

Tilly Taylor, a high-achieving economics student, shares her valuable insights for acing A-level Economics. She highlights the importance of securing evaluation marks, which can significantly affect overall grades. Tilly, who studies at LSE and scored nearly 100% in her A-levels, provides a structured approach to evaluation using a memorable acronym, 'Celeste.'

The catchy acronym 'Celeste' is unveiled as a strategic tool to guide students through their economic evaluations. Each letter represents a critical evaluative element: Contradict, Elasticity, Lags of Time, Expectations, Scale, Tradeoff, and Assumptions. By integrating these elements into their analyses, students can strengthen their arguments and better relate them to the context of the extract provided in exams.

Tilly warns against trying to address every single element during evaluations. Instead, she advises students to use the acronym as inspiration to critically assess their arguments. Her method encourages a deeper, more contextual understanding of economic principles, ultimately aiming to boost students' performance and confidence in exams. Follow her journey and tips for more insights into acing economics!

Chapters

• 00:00 - 00:30: Introduction and Importance of Evaluation in A-Level Economics Chapter 1: Introduction and Importance of Evaluation in A-Level Economics This chapter highlights the critical nature of evaluation in securing top grades in A-Level Economics. Evaluation holds more weight than other assessment objectives, and achieving these marks poses a significant challenge for students. Tilly, a high-achieving economics student at LSE, advocates the use of an acronym 'Celeste' to assist in crafting evaluative points. The chapter implies that understanding and utilizing this approach can substantially aid in obtaining higher marks.
• 00:30 - 01:00: Overview of the Celeste Acronym The chapter introduces the acronym Celeste, which stands for contradict elasticity lags of time expectations scale tradeoff and assumptions. Before delving into the meaning of these terms, it emphasizes examining the key points made in your main argument or analysis, understanding what occurred and why, and then considering which aspects of the Celeste acronym are most applicable to the situation, especially in relation to the extract or piece in question.
• 01:00 - 02:00: Detailed Explanation of 'Contradict' and 'Elasticity' The chapter titled 'Detailed Explanation of 'Contradict' and 'Elasticity'' explores the concept of contradiction within economic analysis. It uses the example of a scenario where aggregate demand shifts out, but there is no increase in price level due to an economy operating under capacity. This serves as a direct contradiction to the initial statement made, providing a rich point for evaluation. The chapter suggests utilizing data to substantiate this contradiction, such as identifying facts that indicate the economy is on the flat portion of the Keynesian aggregate supply curve.
• 02:00 - 03:00: Understanding 'Time Lags' and 'Expectations' The chapter explains the concept of time lags and expectations in the context of microeconomics, highlighting the inelastic nature of certain goods like cigarettes. Despite increased taxation by the government, which is intended to decrease consumption and reduce negative externalities, the addictive nature of cigarettes results in minimal changes in consumption levels. The chapter uses this example to illustrate the challenge of influencing consumer behavior through taxation and the associated time lags in realizing expected outcomes.
• 03:00 - 04:00: Exploring 'Scale' and 'Trade-offs' This chapter discusses the concept of 'scale' and the 'trade-offs' involved in economic policies, particularly focusing on time lags in the implementation and effects of monetary policy. A key point highlighted is the usual time lag of 18 months that occurs between the implementation of a monetary policy and the visible effects. The discussion underscores the importance of considering these time lags in policy-making and the role of expectations in economic outcomes.
• 04:00 - 05:00: Discussing 'Assumptions' and Final Advice The chapter discusses the importance of considering assumptions and preparedness in evaluating the impact of policies. It emphasizes that if people are already anticipating and reacting to a government's policy, the effect of that policy will likely be less significant than if it were unexpected. This awareness is crucial for making accurate evaluative points in analysis, with the suggestion that properly factoring in such assumptions can improve the quality of evaluations, moving them from a basic level to a more in-depth analysis.

A LEVEL ECONOMICS EVALUATION ACRONYM 📈📚📝#sustainablebusinesswoman #alevels #aleveleconomics #alevel Transcription

• 00:00 - 00:30 If you want to get an A star in A level economics, then you need to get all of those evaluation marks. Evaluation is worth more marks than any other assessment objective. They are the hardest marks to get. This is how you are going to get them. My name is Tilly. I got almost 100% in Alevel economics. I got one of the highest grades in the country and I now study economics at LSE. This is the acronym you need to remember when you're writing your evaluative points. Acronym is Celeste. Let me explain what this is. So quite literally a Celeste is a 19th century harps accord percussion type of instrument thing. But that's not what
• 00:30 - 01:00 I'm talking about. Celeste is an acronym standing for contradict elasticity lags of time expectations scale tradeoff and assumptions. Before I get into what these things mean, you basically need to look at the point you've made in your main sort of body, your knowledge, your application, your analysis, what has happened and why. And then look at this list of considerations from this acronym. What is the most applicable here to the situation? And most importantly to the extract or piece of
• 01:00 - 01:30 data or country you're working with. The first one contradict straight up just contradict what you've said. If it's applicable, you can say even if aggregate demand shifts out, there will not be an increase in the price level because the economy is so under capacity. This is just an example. This is a direct contradiction of what you've just said. What makes this a good evaluative point is if you can use some data from the extract to really demonstrate this. Is there a fact or a figure that demonstrates that you are on the flat bit of the Keynesian aggregate supply curve? That's the contradict
• 01:30 - 02:00 point. That's I would say the most basic elasticity, microeconomics like just think microeconomics, think cigarettes, think demerit goods. Supply of cigarettes is going in. Government has started taxing cigarettes. So the supply will go in and less people will consume cigarettes. So there'll be less negative externalities. No, they're an incredibly inelastic good. So no matter how much the government taxes, fact of the matter is they're addictive. So you you won't see that much of a shift in the actual
• 02:00 - 02:30 consumption of these goods. Time lags or lags of time. Hence L incredibly important when you're talking about policies, especially monetary policy. Key statistic for you. 18 months is the normal timeline between the implementation of a mon monetary policy. you see the impacts in approximately 18 months time. That's the usual statistic that they use. In this context, it's great to talk about time lags for any context, but just remember to apply this to the exact situation that is in the extract expectations role of basically
• 02:30 - 03:00 if there's a policy that a government has implemented or that consumers have anticipated is not going to have as huge an impact as if it was completely out of the blue. People have already started adjusting their behavior. Impact is not going to be as large as it would have been if people didn't anticipate this. This is applicable to some situations and some not. You just really need to use that extract. I know I keep banging on about it, but essentially that is the thing that's going to take your evaluative point to one out of two to two out of two. Scale scale of the
• 03:00 - 03:30 change. Is it a big change? Like how much is the government increasing tax by? Is it increasing tax by 0.1%. Is that going to have a huge impact? tax on cigarettes is already something like 80 90% in this country. Will another half a percent actually do anything? Tradeoffs. What is being given up for this action to happen? So particularly important if you're talking about a firm assess the impact of increasing prices on this firm's revenue. What are you giving up by increasing prices? Like you're giving
• 03:30 - 04:00 up customers. That's just economics. You're having a lesser quantity. What are you giving up there? Where are you on the market structures diagram? What is happening to your profit? What is happening to your revenue? If it's increasing profit, what is happening with competitives? Like what is what is the trade-off? Country starts implementing protectionism, what are they giving up? They're giving up their relations with other countries and they're affecting their trade balance, their imports, their exports, their international relations assumptions. Have we assumed something here? Have we assumed something about the country,
• 04:00 - 04:30 about the firm? If so, then you can say, oh, well, you've assumed that the firm is in perfect competition. Might not be. So if the firm wasn't in perfect competition then the impact could be different. We have assumed that the country has a trade surplus. If this assumption turns out to be not to be true what is what is the impact? Talk about the assumptions you've made. Make a hell of a lot of assumptions in second year economics. So at the end of the day what I want you to take from this video is to remember the Celeste acronym. Also
• 04:30 - 05:00 just actually don't try and use every one of these. Don't worry if none of them fit into the evaluation. Just use it as like inspiration. Think what could I pick apart from my argument? How can I effectively argue against myself? And how can I make it relevant to the extract? If you like this video and you want to see more level economics tips, then follow for