How to get an A* in A-Level Economics

Achieving an A* in A-Level Economics can seem like a daunting task, and with a lot of content to cover it’s important to structure your revision. Not only is an A* a great accomplishment for your academic record, but it can also open up many doors for your future education and career opportunities.

In this article, we'll go over some key tips and strategies from our expert tutors who have achieved an A* in A-Level Economics themselves. In A-Level Economics you get marks for four different categories: Knowledge, Application, Analysis and Evaluation. We will outline how to achieve full marks in each of these parts which together can get you that A* mark.

#1. Understanding the curriculum and assessment criteria

First and foremost, it's important to understand the curriculum and assessment criteria for A-Level Economics. The curriculum covers a wide range of topics, including microeconomics, macroeconomics, and global economics. It's important to stay organised and stay on top of the material throughout the academic year, as the material builds on itself and builds to the final exams. In terms of assessment, examiners are looking for a deep understanding and application of economic theories and concepts, as well as the ability to analyse and evaluate economic data. It's essential to have a solid grasp of the material and be able to apply it in a variety of situations.

Use examiner reports alongside past papers

Most students know that past papers are invaluable tools for revision, but far fewer students use the examiner reports which are published alongside these past papers. Examiner reports summarise how candidates answered the question, the areas which most students missed, what top students did well and even give model answers with explanations.

For example, this Edexcel examiner report states:

With the 'examine' question, the marks are allocated evenly across all four categories – so two marks for each of knowledge, application, analysis, and evaluation. The question specifically asks for ‘two possible factors’. Therefore, students need to ensure they have examined two factors in their answer. The other thing that candidates need to remember is that there are two marks for evaluation here – many answers were well-written but without evaluation they are limited to 6/8 marks.

As you can see, this is an explanation of what you need to include in your answer, from the people who actually mark your exams! If you aren’t using examiner reports in your revision already, it’s time to start.

Use the specification

The specification is a long document with few examples or images, and some students avoid it for this reason. But the Economics specification from your exam board is a very useful resource. It tells you exactly which concepts, key definitions and formulae you need to learn.

Our top A-Level tutors advise using the specification as a checklist for your revision. You can print the specification off and highlight which concepts you know and which need more work. This can also be a great way to structure your revision.

Download the specification for your exam board from the links below:

• Edexcel A Economics - from 2015
• Edexcel B Economics - from 2015
• AQA Economics - from 2015
• OCR Economics - from 2019
• IAL Economics - from 2018
• CIE Economics - from 2019
• Eduqas Economics - from 2015
• WJEC Economics - from 2016

#2. Knowledge: Definitions, concepts and formulae bank

Every question in A-Level Economics requires definitions and concepts, whether it is a 1 mark ‘Define’ question or a 25 mark ‘Evaluate’ question. Creating a bank of definitions, concepts and formulae will mean you can quickly refer to this during your revision rather than having to look through all of your notes. Once you’ve made the bank you can test yourself on it or use an app such as Quizlet to make flashcards and create tests for you.

#3. Application: Use real-world examples and current events

Using real-world examples and current events enhances your understanding of economic theories and concepts and provides you with valuable application points. Application marks do not always come from the given extracts, and A* students use their own knowledge and examples as well.

Forecasts and statistics

Reading and learning some economic forecasts or statistics will be hugely useful for your macroeconomics paper. For example, learn the UK’s current inflation rate, GDP growth, the base rate of interest. Checking the news at least once a week, particularly in the economics and business section will be hugely useful.

Email updates

It can also be useful to sign up to some email updates about economic and business news, then you don’t have to go searching for updates, but get them straight in your inbox. For example, Chartr is a free newsletter with data-driven business and society news.

Podcasts

A* students often work smarter, not harder, and podcasts are one way to do this. You can listen to an Economics podcast whilst getting ready in the morning, walking the dog, taking the bus or while at the gym. Look at this list to find your new favourite and pack your A-Level Economics essay full of relevant examples.

#4. Analysis: Using chains of reasoning

A hugely important step to achieve analysis marks in A-Level Economics is using chains of reasoning. When you’ve spent two years learning about Economics and a lot of time revising, it can be easy to forget to explain each step of your argument. Teaching someone else who doesn’t know as much about Economics will help you to explain each step, for example, rather than just saying that a sugar tax may reduce market failure and obesity, you will have to explain each step in how this happens:

Source

#5. Evaluation: Learning the questions and patterns

Evaluation marks are hugely important in A-Level Economics, especially in the long essay questions. But if you read the examiner reports (see tip #1.) you will notice that this is an area which many students fall short on. If you want to achieve an A* in A-Level Economics, getting your evaluation right will be key.

You don’t need to think of a new evaluation point for each essay, often similar evaluation points can be used in multiple essays. Whilst you want to make sure your evaluation points are specific to the question, you can learn general patterns which will help you think of strong evaluation points for whatever essay you face.

Our tutors recommend using an evaluation bank to help you with this. Firstly, outline a few key questions you want to ask yourself when evaluating in A-Level Economics, eg.

• Time: Is there a different effect in the short run and long run?
• However: Are there any counter arguments or alternatives?
• Elasticity: How does elasticity affect the situation (PED, XED, YED, PES)?
• Magnitude: Will the effect be relatively large or small?
• Balance: Which is the strongest argument?
• Assumptions: Are the assumptions sound?
• Costs: What are the costs (opportunity cost and actual cost)?
• Objectives: How does this affect the government’s objectives?
• It depends on…: What other factors need to be considered before we make a final decision?
• Equality: What will be the impact on equality/fairness?
• Sustainability: What is likely to be most sustainable in the long run?

Once you have made a list of your key questions, make sure you look back on this when making essay plans. You will soon notice patterns emerging and if you make an evaluation bank of these patterns, you can draw on them quickly in the exam.

Example: effect of an indirect tax depends on elasticity

For example, whenever you have a question asking about the effect of an indirect tax on a good (such as sugar, tobacco, alcohol, carbon) an evaluation point you can always use is that it depends on the elasticity. If demand for the good is inelastic, then the tax will not cause a significant change in quantity demanded. This means the consumer will bear a lot of incidence of the tax as the producer will pass the tax on to them, and also means that the government will raise a lot of revenue. We can also show this on a diagram:

Source

Learning this A* evaluation point and the diagrams in advance means that you can add it into almost all indirect tax essays, and you will save yourself a lot of time in the exam.

#6. Asking for help

Finally, if you find yourself struggling with the material, don't be afraid to seek additional help. Working with a A-Level Economics tutor can help you identify areas you need to work on, ask for detailed explanation of past paper questions and explain concepts which you struggle with. Additionally, using A-Level Economics Q&A Revision Notes can be extremely beneficial for reinforcing your understanding. TutorChase offers one-to-one tutoring with tutors at leading universities who have achieved an A* in Economics across a range of exam boards. Take a look at our A-Level Economics tutors and find who can help you achieve your A* grade.

Final thoughts

Remember, achieving an A* in A-Level Economics is a challenging task, but with the right mindset and approach, it is definitely achievable. By understanding the curriculum and assessment criteria, perfecting Knowledge, Application, Analysis and Evaluation and reaching out for help from a tutor when you need it, you can increase your chances of success. Remember to take advantage of all the resources available to you and never be afraid to ask for help when you need it. With hard work, dedication, and the right mindset, you can achieve an A* in A-Level Economics.