5th Year Resources
Introduction to Economics
In this section you will learn your first key concepts in Economics: Demand, Supply and Scarcity. When we bring these elements together we begin to see how you can't always get what you want and why.
The Consumer and Utility
To make economics work we have to make some agreements on how we view the world. These are known as assumptions. One of the assumptions is that we would all like to be as happy as this puppy.
Demand, Supply and Equilibrium
This topic is fundamental to the study of economics. It underpins the core values of the subject exploring the theories that lie at the heart of the subject itself - Demand and Supply.
This topic takes the core ideas learned in the previous topic and expands them further. We know that changes in prices will causes changes in quantity demanded and quantity supplied of goods and services but elasticity asks the question - by how much do they change?
In this topic we will explore another key macroeconomic indicator: employment/unemployment. It will consider the measures, causes, effects and solutions of unemployment. Employment is essential for the long run stable growth of an economy.
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 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.
This topic considers the various aims and objectives of the Irish government. Some of these we will already be familiar with as we have already encountered them as economic indicators namely: economic growth, inflation and unemployment.
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.
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.
In the previous topic we considered the main economic aims and objectives of the government. In this topic we will go one step further and consider the policy instruments that are available to the government if they hope to achieve these objectives.
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.