1. ECONOMICS January 2015

2. What is Economics? Economics is a social science that studies human behaviour in relation to people’s aims and the scarce resources available to them to achieve these aims, knowing that the resources have alternative uses.

3. What does that mean… The study of Economics looks at how & why people & the government make the decisions they do. The study of Economics looks at how & why people & the government make the decisions they do.

4. Why Study Economics? To help you understand how the world around you work (Why shop in Pennys or Ambercrombie? Why have rents gone up? Why would you pay €87.50 for One Direction Ticket?) To help you understand how the world around you work (Why shop in Pennys or Ambercrombie? Why have rents gone up? Why would you pay €87.50 for One Direction Ticket?) To develop your logic and reasoning. To develop your logic and reasoning. To prepare you for a range of third level courses. To prepare you for a range of third level courses. BESS, Economics, BComm, Business & Legal, Business & Languages, Marketing, Arts, Engineering & Journalism. BESS, Economics, BComm, Business & Legal, Business & Languages, Marketing, Arts, Engineering & Journalism.

5. Jobs Finance & Accountancy (PWC & KPMG) Finance & Accountancy (PWC & KPMG) Banking (AIB, Bank Of Ireland) Banking (AIB, Bank Of Ireland) Stockbroking (Davy, Goldman Sachs) Stockbroking (Davy, Goldman Sachs) Economist (Central Bank, ECB) Economist (Central Bank, ECB) Entrepreneur (Richard Branson) Entrepreneur (Richard Branson) Teaching (Loreto!) Teaching (Loreto!)

6. What kind of person might like Economics? Wants to understand the theory of everyday decisions Wants to understand the theory of everyday decisions Interested in current events & politics Interested in current events & politics Interested in situations from the micro/local economy level to macro/ world economy Interested in situations from the micro/local economy level to macro/ world economy Enjoyed Junior Cert Business Enjoyed Junior Cert Business Entrepreneurial Entrepreneurial

7. Micro Economics Demand Demand Consumer Consumer Costs Costs Profit Profit Supply Supply Producer Producer Factors of Production Factors of Production Competition Competition

8. Macro Economics Employment Employment Money and Banking Money and Banking International Trade International Trade Exchange Rates Exchange Rates National Income National Income Inflation/Deflation Inflation/Deflation Recession Recession Interest Rates Interest Rates

9. Examination One paper One paper 2 hours 30min 2 hours 30min 9 short questions, answer 6 (100 marks 25%) 9 short questions, answer 6 (100 marks 25%) 8 long questions, answer 4 (300 marks 75%) 8 long questions, answer 4 (300 marks 75%) Mix of Macro and Micro questions Mix of Macro and Micro questions

10. National Results Grade201420132012 A10%9% B27%24% C23%27%23% D18%15%