How to use this site

 

This site is completely free. You don’t sign up for anything!

The site is leaving cert. driven but is suitable for IB/AS and A Levels too. Even 1st Year undergrads can learn economics here!

Use the exam notes to get your head around the vocabulary of exams and as a source of information. For each topic navigate the site for parts of the material you’re not sure of.

The sample questions have answers for each question. Education research recommends active revision so write answers and then check your effort against the correct answer…

There are news articles throughout the site. For advanced understanding read these articles (example) and make notes. Improve your answers to the longer questions by using your article notes.

Go create. Get online with what you have learned and look for articles, video and (re)tweets. Share the notes that you’ve built.

What is Economics all about?

So you’re thinking of taking up economics…

 

If you’d like to watch a video on how the economy works and have 30 minutes to spare you could do a lot worse than check out the following but it’s more complicated than the above…

Beware of those who say they know the answer

When it comes to economics there are lots of people who believe that they know the path to economic riches. Many experts have advised developing countries on how to improve standards of living. Tim Hardford has a fine cautionary tale to tell in the following TED TALK.

As Tim describes, it’s difficult to determine from statistics what is actually happening because real life is impossibly complicated. Click on this article about Rwanda to show how, despite positive economic indicators, her development success story isn’t quite as clear cut as it appears.

It recently struck me that living life “in the fast lane” might not be all it’s cracked up to be. Check out this article that describes what we might learn from a more “traditional” view on life.

Price Discrimination

Consumer Surplus

The benefit to consumers due to the difference between what consumers actually pay to consume a good and what they would have been willing to pay, rather than go without the good.

Product Differentiation

When goods or services are sold to different consumers in different markets at varying ratios between marginal cost and price/ the price difference is not due to difference in the cost of production.

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National Income

National Income

The income accruing to the permanent residents of a country from current economic activity during a specified period, usually one year.

Gross Domestic Product at Current Market Prices

It is the total value of input / expenditure within the country as a result of engaging in current economic activity in one year at current market prices.

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Central Banks Definitions

The ECB

The European Central Bank is responsible for Monetary Policy in The Eurozone. The following is an outline of its duties

Maintains Price Stability.

The key aim of the ECB is to maintain price stability and this it does by closely monitoring inflation in member countries and adjusting the base ECB interest rate so as to adjust spending.

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Consumer, Supply and Demand

The Consumer

Has limited income

Aims to maximise utility

Is rational

Faces the law of diminishing marginal utility

 

Law of diminishing marginal utility

As we consume more of something, the marginal (extra) satisfaction will begin to fall…

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