The Leaving Certificate Economics syllabus is one of the most practical subjects for senior cycle students in Ireland. It helps you make sense of the world around you: from rising prices in the supermarket, to housing shortages, to Ireland’s role in the global economy.
If you’re preparing for the Leaving Certificate Economics Syllabus, or simply want to understand what the course involves, this article breaks the syllabus into clear sections. You’ll also find study tips, exam advice, and a guide to the research study, which makes up 20% of your grade.
Why Study Economics for the Leaving Cert?
Economics teaches you how choices are made when resources are limited. It connects directly to everyday issues like:
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Why rent in Dublin is so high.
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How inflation affects your weekly shop.
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Why governments raise or lower taxes.
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How companies like Apple or Google affect Ireland’s economy.
The subject is not just theory — it gives you skills that apply to real life, such as interpreting graphs, analysing data, and writing clear, structured arguments.
Overview of the Leaving Certificate Economics Syllabus
The Economics syllabus is divided into five strands:
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What is Economics about? – big ideas like scarcity, choice and sustainability.
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How are economic decisions made? – demand, supply, consumers, firms and government intervention.
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What can markets do? – competition, monopolies, labor markets and when markets fail.
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Policy and Economic Performance – unemployment, inflation, taxation, and national income.
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International Economics – growth, development, globalization and Ireland’s place in the world.
Assessment is split into two parts:
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Research Study (20%) – your independent project.
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Written Exam (80%) – covering all five strands.
Strand 1 — What is Economics About?
This first strand sets the foundation. It introduces economics as a way of thinking and problem-solving. Key areas include:
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Scarcity and Choice – Resources are limited, but human wants are unlimited. Every decision involves trade-offs.
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Opportunity Cost – Choosing one thing always means giving up another. For example, if the government spends more on healthcare, it may have less for education.
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Sustainability – Economic decisions affect not just money, but society and the environment. Students explore how growth must balance with long-term sustainability.
📊 Example: Should Ireland continue to rely heavily on foreign direct investment (FDI) from tech companies, or diversify its economy to protect against risks?
🔑 Exam Tip: Learn short, precise definitions. Be able to explain concepts using simple examples. The Production Possibility Curve (PPC) often appears in exams, so practice drawing it.
Strand 2 — How Are Economic Decisions Made?
This strand dives into microeconomics — the study of individuals, households, firms, and markets.
Key Topics:
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Demand and Supply: Why prices rise or fall, and what happens when markets change.
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Elasticity: How sensitive demand is to changes in price (PED) or income (YED).
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Costs of Production: Fixed vs variable costs, short-run vs long-run costs.
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Firms and Profit: How businesses decide output using the MR=MC rule.
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Government Intervention: Taxes, subsidies, minimum wages, rent controls.
📊 Example: Rising housing demand in Ireland combined with limited supply has pushed prices upward — a real-life demand and supply issue.
🔑 Exam Tip: Always draw and label diagrams clearly. Elasticity calculations often appear, so know the formula. Use examples like fuel prices, minimum wage policy, or rent caps to score evaluation marks.
Strand 3 — What Can Markets Do?
Markets can deliver efficiency, but they also fail. This strand looks at when markets work well and when they don’t.
Key Topics:
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Market Structures: Perfect competition, monopoly, oligopoly (think supermarkets, electricity providers, or tech giants).
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Labour Markets: How wages are set, why some jobs are paid more, and the effect of trade unions.
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Market Failure: Pollution, inequality, or lack of information — situations where the “invisible hand” doesn’t work.
📊 Example: The housing crisis is a clear example of market failure — supply has not kept up with demand, leading to unaffordable rents.
🔑 Exam Tip: These questions often require evaluation. Don’t just explain what a monopoly is — discuss its pros (e.g., economies of scale) and cons (e.g., higher prices for consumers).
Strand 4 — Policy and Economic Performance
Here we zoom out to look at macroeconomics, the performance of the economy as a whole.
Key Topics:
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National Income & GDP: How to measure the size of the economy.
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Fiscal Policy: Government spending, taxation, and deficits/surpluses.
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Employment & Unemployment: Causes, types (frictional, structural, cyclical), and policies to reduce it.
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Inflation & Deflation: Why prices change, how the Consumer Price Index (CPI) is measured.
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Monetary Policy: The role of the European Central Bank (ECB) in setting interest rates.
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Banking & Finance: How commercial banks create credit and manage risk.
📊 Example: Ireland’s economic growth in recent years has been strong, but inflation since 2022 has reduced purchasing power, creating tough choices for policymakers.
🔑 Exam Tip: Always link back to Ireland or the EU. For example, when discussing monetary policy, note that Ireland cannot set its own interest rates because of Eurozone membership.
Strand 5 — International Economics
Ireland is one of the most globalized economies in the world, making this strand especially important.
Key Topics:
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Growth vs Development: Growth = increase in GDP. Development = improvements in living standards, healthcare, education.
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Globalisation: The rise of interconnected economies, multinational companies, and trade.
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Trade and Competitiveness: Comparative advantage, tariffs, exchange rates, and the Balance of Payments.
📊 Example: Ireland’s success in attracting foreign tech firms shows the benefits of globalisation, but dependence on them creates risks if companies shift elsewhere.
🔑 Exam Tip: Use case studies. Brexit, multinational tax issues, and Irish exports (beef, dairy, tech services) are strong examples.
The Research Study (20% of Marks)
The research study is a project where you investigate an economic issue. It’s worth 20% of your final grade and is the same at both Higher and Ordinary level.
Steps:
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Choose a Topic: Something manageable and relevant (e.g., “The effect of minimum wage increases on part-time workers in Ireland”).
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Collect Data: Use surveys, CSO statistics, government reports, or local case studies.
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Analyse and Write: Explain your findings with graphs, charts, and clear commentary.
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Conclude: Answer your research question and suggest possible policies.
🔑 Tip: Keep it focused. Don’t try to cover everything — depth is better than breadth. Neat graphs and proper referencing help secure higher marks.
Exam Strategy
Success in Leaving Certificate Economics Syllabus completion isn’t just about knowing the theory — it’s about how you present it in the exam.
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Practice Past Papers: Get used to the wording of questions.
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Keep Answers Focused: Long, waffly answers waste time. Stick to the point.
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Use Examples: Always connect theory to Irish or global events.
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Master Diagrams: They are essential. Label everything — even a neat diagram can earn marks.
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Plan Essays: For long questions, quickly outline your structure before writing.
Key Diagrams to Master
Certain diagrams come up again and again. Make sure you can draw and explain:
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Demand & Supply (shifts, equilibrium).
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Elasticity of demand.
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Short-run & long-run cost curves.
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Monopoly vs Perfect Competition.
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Labour Market with minimum wage.
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Circular Flow of Income.
Frequently Asked Questions (FAQs)
Q1: How many strands are in the Leaving Certificate Economics syllabus?
A: There are five strands: What is Economics about?; How are economic decisions made?; What can markets do?; Policy and economic performance; and International economics.
Q2: How much is the research study worth?
A: The research study is worth 20% of your final grade at both Higher and Ordinary level.
Q3: What diagrams should I know for the exam?
A: Key diagrams include demand and supply, elasticity, cost curves, monopoly vs competition, labour markets, and the circular flow of income.
Q4: Is Economics easier at Ordinary Level?
A: The content is the same, but Ordinary Level places more emphasis on knowledge and understanding, while Higher Level requires more evaluation and essay-style answers.
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Final Thoughts
The Leaving Certificate Economics syllabus is designed to give students a strong understanding of both Irish and global economic issues. By learning the five strands, completing the research study carefully, and practicing exam technique, you’ll be well prepared for success.
Economics isn’t just about exams — it’s about understanding the choices that shape the world around us. If you put the work in now, you’ll gain knowledge and skills that will stay with you far beyond Leaving Certificate Economics Syllabus.
