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.

Competition and the Labour Market

Explain the spectrum of competition from competitive markets to monopoly, the features and effects of each on price, choice, quality and efficiency, and why firms try to gain market power.
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Explain how the demand for and supply of labour determine wages, why wages differ between occupations, and the effects of trade unions and a national minimum wage on the labour market.
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Managing the National Economy

Explain fiscal policy, the main types of taxation and government spending, the budget balance, and how fiscal policy is used to influence the economy.
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Explain the government's main economic objectives, the meaning of economic growth and gross domestic product, the business cycle, and the main economic indicators used to judge performance.
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Explain inflation and its measurement using the Consumer Prices Index, the causes of inflation, and its effects on consumers, savers, borrowers, firms and the wider economy.
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Explain monetary policy, the role of the central bank and interest rates, and how changes in interest rates and the money supply influence borrowing, spending, inflation and growth.
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Explain unemployment and how it is measured, the main types and causes of unemployment, and its effects on individuals, the government and the economy.
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Money, Banking and Personal Finance

Explain the functions and characteristics of money and the role of the financial sector, including commercial banks, the central bank, building societies, insurance and the stock market.
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Explain personal financial planning, including budgeting, the reasons for and methods of saving and borrowing, the role of interest, and how to make informed financial decisions.
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The International Economy

Explain what an exchange rate is, how it is determined by the demand for and supply of a currency, the meaning of appreciation and depreciation, and their effects on exports, imports and the economy.
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Explain globalisation, its causes, the role of multinational companies, and the benefits and drawbacks of globalisation for consumers, workers, firms and economies.
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Explain why countries trade, the benefits and drawbacks of international trade, the balance of payments, and the arguments for and against protectionism.
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The Market System

Explain the law of demand, the demand curve, the difference between a movement along and a shift of the curve, and the non-price factors that determine demand.
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Explain market failure through externalities, merit and demerit goods, public goods and the under-provision or over-provision of goods, and evaluate government responses such as taxes, subsidies, regulation and provision.
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Explain how equilibrium price and quantity are set where demand equals supply, how surpluses and shortages are cleared by price, and how shifts in demand or supply change the equilibrium.
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Calculate and interpret price elasticity of demand and supply, distinguish elastic from inelastic responses, explain the factors that determine elasticity, and link elasticity of demand to total revenue.
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Explain the law of supply, the supply curve, the difference between a movement along and a shift of the curve, and the non-price factors that determine supply.
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Explain the basic economic problem of scarcity and unlimited wants, the factors of production, opportunity cost, and the production possibility frontier as a model of choice.
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