Download LC Economics Syllabus

Department of Economics - Leaving Cert. Syllabus
1.
Introduction Course
What is economics about? Introducing Supply and Demand. Introducing factors of production.
How to assess an economy. A brief history of economics in the last 100 years.
2.
Government 1
Theory of Government. The government’s economic objectives and policies.. How much
government involvement should there be? Privatisation – advantages, disadvantages and history.
3.
Government 2
Government finances. The National Budget. The National Debt. Taxation – principles and practice.
How the government operates fiscal policy.
4.
Banking
The functions and characteristics of money. The history of money and banking. How a bank can
create purchasing power in the economy. How the Central Bank can control the banking system.
The European Central Bank and the operation of monetary policy.
5.
Inflation
Measurement of inflation using the Consumer Price Index. Uses and limitations of the C.P.I.
Causes, problems and solutions of inflation.
6.
National Income
Measurement of National Income. Uses and limitations of the National Income statistics.
Determination of National Income. The Multiplier Theory. Worker numeric examples.
7.
International Trade
Reasons for international trade. Law of Comparative Advantage. Protectionism versus Free Trade.
Balance of Payments. Exchange rates systems. Determination of exchange rates.
8.
The European Union
A history of European integration. Advantages and disadvantages. The enlargement of the EU. The
Euro - advantages and disadvantages. Other EU policies.
9.
Developing Economies
Problems and developments in the Third World. How EU trade policies infringe on growth in these
regions. Third World debt. Possible solutions. Population explosion and its consequences.
10.
The History of Economic Thought
The major economists and what they said. Emphasis on Adam Smith, the Classical School, Karl
Marx, Alfred Marshall, John Maynard Keynes and Monetarism.
11.
Demand, Supply and Elasticity
Factors influencing demand and supply. The interrelationship between these variables. Price
Elasticity of Demand – measurement and interpretation. Other forms of elasticity.
12.
Market Structures
Cost structures of the firm. Perfect Competition. Monopoly. Imperfect Competition. Oligopoly.
Price Discrimination.
13.
Factors of Production
The demand for the factors of production, MPP, MRP. Land. Labour – including unemployment
and its measurement, causes, problems and solutions. Capital – including investment, saving,
interest rates. Enterprise – why it is such a significant factor.