Subject content
Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses and governments make choices about how to allocate scare resources. The course has 5 strands that address key areas of the course.
- Strand 1 looks at scarcity, choice, how to deal with economic data and sustainability.
- Strand 2 at the Market economy, the consumer, costs and government intervention.
- Strand 3 deals with market structures, the labour market and market failure
- Strand 4 focuses on the relationship between government policy and how economies grow under the headings of fiscal and monetary employment, employment, and the financial sector.
- Strand 5 brings the whole course together by demonstrating the need for our country to play an active part in International Trade and the Global world.
There is a project element worth 20% which is completed at the start of 6th year. This focusses on an overall economic theme, before narrowing down into more specific individual lines of inquiries students can choose from.
There is a common syllabus covering Higher and Ordinary level.
Exam Structure
- Higher Level and Ordinary Level
- One Paper – 2.5-hour paper with short and extended answer questions which students must complete.
Comment
- The subject is suited to students who are willing to work hard and caters for all abilities
- It is not necessary for students to have studied Junior Cycle Business Studies, but this would be a help.
- Ideally, students should have a general interest in how the economy works.