Northern Ireland · CCEASyllabus
Economics syllabus, dot point by dot point
Every dot point in the Northern Ireland Economicssyllabus, with a focused answer for each one. Click any dot point for a worked explainer, past exam questions, and links to related dot points. Written by Claude Opus 4.8, Anthropic's latest AI.
Competition and the Labour Market
Module overview →- How does the amount of competition in a market change prices, choice and the way firms behave?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.11 min answer →
- What decides how much different jobs are paid, and why do some workers earn far more than others?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.12 min answer →
Managing the National Economy
Module overview →- How does the government use its taxes and spending to steer the whole 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.12 min answer →
- What is the government trying to achieve for the economy, and how do we measure whether it is succeeding?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.12 min answer →
- What is inflation, how is it measured, and why does rising prices cause so much trouble?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.12 min answer →
- How does changing interest rates ripple out to control spending, inflation and growth?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.12 min answer →
- Who counts as unemployed, why does it happen, and why does it matter so much to the economy?Explain unemployment and how it is measured, the main types and causes of unemployment, and its effects on individuals, the government and the economy.12 min answer →
Money, Banking and Personal Finance
Module overview →- What makes something money, and what do banks and the rest of the financial sector actually do?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.11 min answer →
- How should an individual budget, save and borrow wisely, and what does interest really cost or earn?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.12 min answer →
The International Economy
Module overview →- What decides how many euros or dollars a pound is worth, and why does a rising or falling pound matter?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.12 min answer →
- Why is the world's economy becoming more connected, and who gains and loses as it does?Explain globalisation, its causes, the role of multinational companies, and the benefits and drawbacks of globalisation for consumers, workers, firms and economies.11 min answer →
- Why do countries trade with each other, and how do we keep score of what a country buys and sells abroad?Explain why countries trade, the benefits and drawbacks of international trade, the balance of payments, and the arguments for and against protectionism.12 min answer →
The Market System
Module overview →- Why do people buy more of a good when its price falls, and what else makes the whole demand curve move?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.11 min answer →
- When do free markets fail to give the best outcome, and how can the government put it right?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.12 min answer →
- How does the meeting of demand and supply set a market price, and what happens when something changes?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.12 min answer →
- How sensitive is the quantity bought or sold to a change in price, and why does it matter for revenue?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.13 min answer →
- Why are firms willing to produce more when prices rise, and what else shifts the whole supply curve?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.11 min answer →
- Why does scarcity force everyone to make choices, and what does each choice really cost?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.12 min answer →