Complete Guide: H1 Leaving Cert Economics Notes and Sample Answers

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This guide aims to replace a revision course for Economics at Higher Level.
We know how hard it can be, and it is our passion to make it easier for the students who come after us. Our team, composed of people who got 625+ points, distilled our own best notes, past paper answers and tips on each part of the course - so that you don't have to fight these battles on your own or reinvent the wheel. Whether you want 625 points, or to simply maximise your points, this will - guaranteed - have useful insights to make your life easier. This guide is suitable for both 2017 and 2018.

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What's inside? See the detailed breakdown:
  1. Introduction
  2. The Consumer 11
    1. Assumptions Concerning Consumer Behaviour 11
    2. Economic Paradoxes 13
  3. The Firm 15
    1. Costs of Production 15
    2. Economies and Diseconomies of Scale 19
    3. Revenues From Production 21
    4. Profits 23
  4. Demand 25
    1. The Law of Demand 25
    2. Factors Affecting Demand 27
  5. Supply 31
    1. The Law of Supply 31
    2. Factors Affecting Supply 35
  6. Elasticity 39
    1. Price Elasticity of Demand 39
    2. Income Elasticity of Demand 44
    3. Cross Elasticity of Demand 45
    4. Price Elasticity of Supply 45
    5. The Price Effect:  Substitution and Income Effects 50
  7. Perfect Competition 53
    1. Characteristics of Perfect Competition 53
    2. Equilibria of a Firm in  Perfect Competition 54
    3. Summary and Evaluation of Perfect Competition 57
    4. Supply Curves in Perfect Competition 58
  8. Imperfect Competition 61
    1. Characteristics of Imperfect Competition 61
    2. Equilibria of a Firm in  Imperfect Competition 62
    3. Summary and Evaluation of  Imperfect Competition 65
  9. Monopoly 67
    1. Characteristics of Monpoly 67
    2. Barriers To Entry 67
    3. Equilibria of a Firm in Monopoly 69
    4. Comparison of Pricing and Output Policy  in  Perfect  Competition  and Monopoly 70
    5. Summary and Evaluation of Monopoly 70
  10. Price Discrimination 73
    1. Types of Price Discrimination 73
    2. Conditions Necessary for Price Discrimination 74
    3. Characteristics of Consumers 75
    4. Equilibria of a Firm in Price  Discriminating Monopoly 75
  11. Oligopoly 77
    1. Characteristics of Oligopoly 77
    2. Equilibria of a Firm in Oligopoly 79
    3. Collusion 80
    4. Objectives Other Than  Profit Maximisation 81
  12. Comparison of the Market Structures 83
    1. Key Concepts 83
  13. The Markets For Factors of Production 87
    1. The Factors  of Production 87
    2. The Demand for Factors  of Production 88
    3. Marginal Physical Productivity and Marginal Revenue Productivity . . . 88
    4. Economic Rent and Transfer Earnings 91
  14. Land And Rent 93
    1. Components of Land 93
    2. Economic Characteristics of Land 93
    3. Demand for Land 94
  15. Labour And Wages 95
    1. Demand for Labour 95
    2. Supply of Labour 96
    3. Supply Curves for Labour 97
    4. Wage Determination 98
    5. Wage  Differentials 100
    6. The Problem of Unemployment 100
      1. Causes of Unemployment 101
    7. Mobility of Labour 102
  16. Capital And Interest Rates 105
    1. Essential Features of Capital 105
    2. Factors Affecting Level of Saving 106
    3. Interest Rate Determination 106
    4. Keyne’s Theory of Liquidity Preference 107
    5. Changes in Demand and Supply  of Money 111
    6. The Liquidity Trap 113
    7. Factors Affecting Rate of Interest 113
    8. Factors Affecting Level  of Investment 114
    9. Miscellaneous Material 114
  17. Enterprise And Profit 115
    1. Risks Faced By Entrepreneurs 115
    2. The Role/Importance of Entrepreneurs in a Free Market Economy 116
    3. The Role of Profits in a Free  Market Economy 116
    4. Economic Characteristics of Profit 116
  18. The Price Level 117
    1. How Changes in Price are Measured 117
    2. Is the CPI an Accurate Measure of  Price Change? 118
    3. Uses of the CPI 119
    4. Causes of Inflation 120
    5. Economic Effects of Inflation 121
    6. Deflation 122
  19. Banking 123
    1. Functions of Money 123
    2. Characteristics of Money 124
    3. Other Forms of Money 124
    4. How Banks Create Money 124
    5. Measuring the Money Supply 125
    6. The Inter-Bank Market 125
    7. The Structure of a Bank’s Assets 126
    8. The Central Bank 127
  20. The Measurement of National Income 129
    1. GDP and GNP 129
    2. Uses and Limitations of National  Income Statistics 130
  21. Factors Affecting Size of  National Income 131
    1. Classical Model 131
    2. The Circular Flow of Income 134
    3. Multipliers 135
      1. Multiplier Calculations 135
    4. Keynes’ Theory 136
    5. Deflationary and Inflationary Gaps 137
  22. International Trade 139
    1. Advantages  of International Trade 139
    2. Basis of International Trade 140
    3. Assumptions Underlying the Laws of Absolute and Comparative Advantage140
    4. Government Intervention in Free  International Trade 140
    5. The Terms of Trade 143
  23. The Economic Objectives of Government 145
    1. The  Economic  Aims of Government 145
    2. Instruments  of  Government Economic Policy 147
    3. Linking Aims and Instruments 148
    4. Conflicts Between Government Economic Objectives 151
  24. The Government And The Economy -  Fiscal Policy 153
    1. The Current Budget and the Capital Budget 153
    2. Deficit, Surplus and Neutral Budgets 153
    3. The National Debt 153
    4. Taxation 155
    5. Semi-State Bodies 158
  25. The  History  of Economic Thought 159
    1. The Pre-Classical Economists 159
    2. Classical Economists (c. 1700 1900) 160
    3. Neoclassical  Economists 161
    4. Socialism 161
    5. Keynesian  Economists 162
    6. Monetarist Economists 162
  26. Current Economic Statistics 165
  27. Exam Advice 169
    1. Answering  Exam  Questions 169
  28. Sample Answers 2015 (full paper with every question answered)
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Intended to replace a revision course, it is a 189A4 page (35,800 word) document with only the most relevant material for your Economics Higher Level H1. You can use it as a reference, or read it start to finish.

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