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Northern Ireland · CCEAQ&A
EconomicsQ&A by dot point
A short Q&A bank for every Northern Ireland Economics syllabus dot point. Each question and answer is drawn directly from our worked dot-point page, so you can scan key concepts before opening the long-form answer.
A2 1: Business Economics
- The objectives of firms, organic growth, mergers and takeovers, integration, the survival of small firms, and the reasons firms demerge.3Q&A pairs
- Short-run and long-run costs, the law of diminishing returns, economies and diseconomies of scale, revenue concepts, and profit maximisation.3Q&A pairs
- Monopolistic competition and oligopoly, interdependence and collusion, game theory, non-price competition, and price discrimination.3Q&A pairs
- The assumptions and outcomes of perfect competition and monopoly, the short-run and long-run equilibrium of each, and a comparison of their efficiency.3Q&A pairs
- The demand for and supply of labour, wage determination in competitive labour markets, the effects of trade unions and monopsony, and labour market failure.3Q&A pairs
A2 2: Managing the Economy in a Global World
- The structure of the balance of payments, the causes and consequences of a current account imbalance, exchange rate systems, and exchange rate determination and effects.3Q&A pairs
- The difference between growth and development, measures of development, the barriers to development, and strategies to promote development.3Q&A pairs
- The causes and effects of globalisation, the role of transnational corporations, the stages of economic integration, and the costs and benefits of trading blocs such as the EU single market.3Q&A pairs
- The basis for international trade, absolute and comparative advantage, the gains from trade, the methods and effects of protectionism, and the terms of trade.3Q&A pairs
- The use of macroeconomic policy in an open economy, the role of international institutions, and the conflicts and constraints policymakers face in a global world.3Q&A pairs
AS 1: The Market System
- The determinants of demand and supply, movements along and shifts of the curves, market equilibrium and disequilibrium, and consumer and producer surplus.3Q&A pairs
- Price, income and cross elasticity of demand and price elasticity of supply, their calculation, determinants, and applications to revenue, taxation and producers.3Q&A pairs
- Methods of government intervention - indirect taxes, subsidies, regulation, price controls, tradable permits and state provision - their effects, and the causes of government failure.3Q&A pairs
- The types of market failure - externalities, public goods, merit and demerit goods, information failure, and the abuse of monopoly power - and the resulting welfare loss.3Q&A pairs
- The fundamental economic problem of scarcity, opportunity cost, the factors of production, the production possibility frontier, and the market, command and mixed economic systems.3Q&A pairs
- The functions of the price mechanism, the inter-relationships between markets, and the theory of consumer utility including marginal utility and the paradox of value.3Q&A pairs
AS 2: Managing the Economy
- The components of aggregate demand, the short-run and long-run aggregate supply curves, macroeconomic equilibrium, and the multiplier effect.3Q&A pairs
- The macroeconomic objectives, fiscal policy, monetary policy and supply-side policy, their effects on the economy, and the conflicts between objectives.3Q&A pairs
- The measurement of inflation using price indices, the causes of inflation (demand-pull and cost-push), deflation, and the consequences of changing prices.3Q&A pairs
- The circular flow of income, the measurement of national income (GDP and GNI), real versus nominal values, economic growth, and the phases of the economic cycle.3Q&A pairs
- The measurement of unemployment, the types and causes of unemployment, and the economic and social consequences of unemployment.3Q&A pairs