Outline of strands for Leaving Certificate Economics

https://curriculumonline.ie/Senior-cycle/Senior-Cycle-Subjects/Economics/

What is Economics about?

1. WHAT IS ECONOMICS ABOUT?

1.1 ECONOMICS AS A WAY OF THINKING –

Here we look significant economic events and periods, like the great depression etc.

1.2 THE ECONOMIC CONCEPTS OF SCARCITY AND CHOICE –

Here we look at the concept of scarcity, choice and opportunity cost, specialisation, cost- benefit analysis etc.

1.3 ECONOMIC, SOCIAL AND ENVIRONMENTAL SUSTAINABILITY –

Here we look at sustainability, sustainable development goals & indicators of economic, social and environmental sustainability etc.

2. HOW ARE ECONOMIC DECISIONS MADE?

2.1 THE MARKET ECONOMY –

Here we focus on demand, supply market equilibrium & price mechanism, consumer surplus and producer surplus.

2.2 THE CONSUMER –

Here we look at the consumer, the equi-marginal principle of consumer behaviour, price elasticity of demand (PED) and Income elasticity of demand (YED).

2.3 THE FIRM –

Here we look at the short run vs long run, calculating & graphing the costs of production, economies and diseconomies of scale and revenue & profit.

2.4 GOVERNMENT INTERVENTION IN THE MARKET –

Here we look at economic systems, taxation, example of governments intervention in markets, price controls – price ceilings & price floors and regulation.

3. WHAT CAN MARKETS DO?

3.1 MARKET STRUCTURES

Here we look at the different types of market structures – perfect competition, monopoly, price discrimination, imperfect/monopolistic competition, oligopoly and similarities and differences between the four market structures.

3.2 THE LABOUR MARKET

Here we look at the factors of production (land, labour, capital & enterprise), the labour market, the minimum wage, the gender pay gap.

3.3 MARKET FAILURES

Here we look at externalities, public goods, imperfect (Incomplete) Information, monopoly power, overcoming market failures.

4. WHAT IS THE RELATIONSHIP BETWEEN POLICY AND ECONOMIC PERFORMANCE?

4.1 NATIONAL INCOME

Here we look at the circular flow of income (CFI), the expenditure method
(Y=C+I+G + (X-M), reasons for calculating the national income, limitations of the national income, intellectual property (IP), gross domestic product (GDP), gross national product (GNP), GDP, GNP, GNI & GNDI, the multiplier, the business cycle.

4.2 FISCAL POLICY AND THE BUDGET FRAMEWORK

Here we look at government current revenue, expenditure and budget, fiscal policy, the government capital budget, the national debt, privatisation.

4.3 EMPLOYMENT AND UNEMPLOYMENT

Here we look at measurement and causes of unemployment, trends from 1990s to 2020 of employment and unemployment, the implications of unemployment.

4.4 MONETARY POLICY AND THE PRICE LEVEL

Here we look at inflation/deflation: measures, effects and causes, monetary policy, the role of the European central bank (ECB), Economic and monetary union: The Euro

4.5 FINANCIAL SECTOR

Here we look at credit, demand and supply, fractional reserve banking, the role of the Irish central bank, band regulations.

5. HOW IS THE ECONOMY INFLUENCED BY INTERNATIONAL ECONOMICS?

5.1 ECONOMIC GROWTH AND DEVELOPMENT

Here we look at economic growth and development, measuring development and inequality: HDI, IHDI and the GINI coefficient, international trade.

5.2 GLOBALISATION

Here we look at the implications of globalisation, foreign direct investment (FDI)

5.2 INTERNATIONAL TRADE AND COMPETITIVENESS

Here we look at the balance of payments (BOP), trade protection (Protectionism), economic implications of engaging in international trade, the laws of absolute and comparative advantage, national competitiveness, the fair-trade movement, the world trade organisation (WTO), foreign exchange.