Ireland · NCCA Curriculum Specifications
5th Year Economics.
This Senior Cycle Economics curriculum for Year 5 students in Ireland introduces the fundamental principles of microeconomics and macroeconomics. Aligned with the NCCA specification, it equips students with the analytical skills to understand market behaviours, government interventions, and the broader economic environment.
01Introduction to Economics and Choices
Students explore the foundational economic problem of scarcity, the concept of opportunity cost, and the role of sustainability in modern economic decision-making.
Students explore the fundamental economic problem of scarcity and how it forces individuals, firms, and governments to make choices. Opportunity cost is introduced as a key concept.
An examination of sustainable development and how economic growth impacts the environment and society. Students evaluate the trade-offs between current consumption and future resources.
Students investigate how economists gather data, build models, and differentiate between positive and normative economic statements.
02Markets, Prices, and Consumers
An in-depth analysis of how supply and demand interact to determine prices in a market economy, including the concept of elasticity.
Analysis of consumer behaviour, the law of demand, and the factors that cause shifts in the demand curve.
Exploration of producer behaviour, the law of supply, and the determinants of supply in a market economy.
Students learn how the interaction of supply and demand determines market equilibrium prices and quantities.
An introduction to price elasticity of demand (PED) and price elasticity of supply (PES), including their calculation and interpretation.
03The Firm and Market Structures
A study of the costs of production, revenue, profit maximisation, and the various market structures in which firms operate.
Examination of the short-run and long-run costs of production, revenue curves, and the concept of profit maximisation.
A comparative study of perfect competition and monopoly market structures, focusing on barriers to entry and price determination.
Analysis of real-world market structures, including monopolistic competition and oligopoly, highlighting non-price competition and interdependence.
04Government and the Economy
Students investigate the macroeconomic aims of the Irish government, fiscal policy, and the rationale for government intervention in markets.
Students explore the macroeconomic objectives of the Irish government, including economic growth, full employment, and price stability.
An overview of fiscal policy, focusing on the types of taxation in Ireland and how government revenue is allocated.
Investigation into situations where free markets fail to allocate resources efficiently, such as public goods and externalities, and the methods of government intervention.
05Macroeconomic Indicators
An introduction to measuring the performance of the national economy through indicators such as national income, inflation, and employment rates.
Introduction to the measurement of national income, including GDP, GNP, and GNI, with a specific focus on the Irish context.
Analysis of the causes and consequences of inflation, and how it is measured using the Consumer Price Index (CPI).
Students examine the labour market, the different types of unemployment, and the economic and social costs associated with joblessness.