L.C. – Economics
Leaving Certificate Economics – Decisions, Policy, and the Global Economy
Understanding How Markets, Governments, and Consumers Shape the World Around Us
Economics is the study of how people manage limited resources to meet their goals. It covers a wide range of topics including inflation, banking, international trade, the EU, the role of the Government in control of the economy, competition and markets.
Course Content: The syllabus for Leaving Certificate economics offers students a broad introduction to economics. It is divided into 5 strands which introduces them to the nature of economics and to concepts such as demand and supply, scarcity, sustainability and competition. It also looks at international trade and the role of the E.U. and the Irish Government in the control of the economy, regulation and markets.
The following are the Five strands:
1. What is economics about? Economics as a way of thinking; The economic concepts of scarcity and choice; Economic, social and environmental sustainability
2. How are economic decisions made? The market economy; The consumer; The firm; Government intervention in the market
3. What can markets do? Market structures; The labour market; Market failure
4. What is the relationship between policy and economic performance? National income Fiscal policy and the budget framework; Employment and unemployment: Monetary policy and the price level; Financial sector.
5. How is the economy influenced by international economics? Economic growth and development; Globalisation International trade and competitiveness
Broadly speaking strands 1 to 3 can be described as Microeconomics which looks at the inner workings of the economy and is more theoretical. Strands 4 and 5 are more based on Macroeconomics which looks at the broader economy. In September of 6th Year the students will be issued a brief to complete a project or Research Project which will be completed by Christmas of that year and will constitute 20% of their overall grade.
Exam Length 2.5 Hours
Section A – Short Questions Answer 8 from 10
Section B – Extended Response Answer 4 from 5
Research Project 20%
Leaving Cert Exam 80%
