This is our first foray into the world of Macroeconomics. (All Macroeconomic topics have blue "read more" buttons.) We will consider income not on an individual level but on a national level to find out how much people in Ireland produce, earn and spend. This will help us analyse a country's economic growth.
In this topic we will explore the measures, causes, effects and solutions of inflation. Inflation is not as strict as concept as a lot of people think. It doesn't mean that the price of everything is increasing. What it means is that the general price level of the most important goods and services is increasing.
Money and Banking/ Monetary Policy
Economics works with or without money but it is hard to imagine how a modern economy would function without it. This topic considers money's origin and its development into its current format. This topic also considers our second macroeconomic policy instrument: monetary policy which is controlled on our behalf by the ECB.
This is no longer a key focus on the new specification
Much like the Marvel movie franchise has done with all its superheroes this topic gives the origin story for our economic concepts by linking them back to the economists who created them.
Cost of Production
Back to microeconomics. This topic explores the cost of production of firms and the factors which in theory cause them to increase and decrease over time. This topic area is essential knowledge as it forms the basis for the next four topics we will consider.
Our fourth and final market structure: Oligopoly. In this market structure we will analyse how firms operate in an industry that is dominated by a few large firms.
Economic Growth and Development/Sustainability
In this section we will consider the impact which changes in the size and structure of a country's population can have on its economy. We will also consider the plight of the world's Least Developed Countries and how they can be improved externally and internally.
tradingeconomics.com is your go to website for the most up to date economics statistics. This should be the last website you see before entering your exam. Make sure you know the most up-to-date figures for Economic Growth, Inflation, Unemployment, Debt-to-GDP Ratio and our interest rate.