What is Economics?
Economics is a social science which studies human behaviour and how it influences the allocation of scarce resources which have alternative uses. Economics describes the factors that determine the production, distribution and consumption of goods and services.
What do you study?
You study economic concepts such as wealth, income, welfare, scarcity, choice, wants, needs, opportunity cost and the factors of production. It studies why people make choices; it forms the basis for governments to make decisions, companies to employ workers and for people to spend or not spend.
You learn about:
Leaving Certificate Economics is divided into two categories: microeconomics and macroeconomics.
Microeconomics deals with how an individual producer (one firm) and a consumer make decisions and attempt to solve their economic problems.
– How do sellers price their goods for buyers? e.g utility, demand, supply, equilibrium and elasticity.
– How much does it cost to be in business? e.g costs of production.
– Market Structures e.g perfect competition, imperfect competition, monopoly and oligopoly.
– How do products actually get to the shelf….and why does anybody put them there? e.g Labour
Macroeconomics is the study of how governments handle the economy as a whole, and how they decide on policies to achieve their goals.
Money and banking, National income, the government in the economy, International trade and the global economy, economic growth and development, economics of population and inflation.
You will also study the schools of economic thought and famous economists of the past.
How can you benefit by studying Economics for Leaving Certificate?
You will understand the economic world of the firm, government and global economy.
You will be able to understand individual, business and government decisions as they relate to the real world.
You will develop communication, literacy, numeracy, analytical and problem solving skills.
All Business courses include economics as a core subject in first year and many other disciplines have it as a compulsory element. e.g Agricultural Science, Social Science etc.
Finance and Management, Teaching, Stock broking, Taxation, Accountancy, Economist, Public Service, Politics, Business analyst, Journalism, setting up your own business. Many careers today benefit from a good background knowledge of the Economic world.