How to maximise your grade in the project:

What the Research Study / Project is:

The project (Research Study) is worth 20% of the total Economics grade. 

It is based on a brief issued annually by the SEC. Students choose one topic from that brief, then decide on an individual line of inquiry under that topic. 

Students must do research (desk / field), select reliable sources (qualitative & quantitative), apply economics theory, analyse and evaluate data, draw conclusions, and reflect on what they learned. 

You need to produce a Research Study Report using the digital completion booklet, by a set deadline (Term 1, 6th year), under teacher supervision. It must be your own work, authenticated. 

Marking Criteria: What Differentiates a Top Grade

What does “high level of achievement” mean in the marking scheme (i.e. what you need to aim for if you want H1/O1)? The guidelines say such a report typically:

• shows thorough engagement with the topic; is purposeful and clear. 
• is sufficiently detailed so that there is concrete evidence of your knowledge and understanding. But more than just repeating facts: you need insights and learning gained. 
• research, select, organise, process data/information from a variety of sources very judiciously for relevance and reliability. 
• apply economic concepts / models / theories accurately to the data; manipulate quantitative data correctly (if used). 
• present informed conclusions that are clearly based on evidence. 
• reflect: how your thinking changed; skills you developed; how topic relates to your life; how your opinions or behaviour may have been influenced. 
• good communication and presentation; coherence of report. (Clear structure, good layout, labelling, graphs / tables properly used, etc.) 

What to Avoid (things that prevent you getting top marks)

• Weak or vague line of inquiry: too general or irrelevant.
• Poor choice of sources: unreliable / too similar / only one type (all secondary or only qualitative).
• Incorrect or superficial application of theory: using economics terms without really integrating them, or misusing them.
• Data mistakes: bad calculations; graphs / tables without analysis; just inserting them but not explaining what they show.
• Weak conclusions: not clearly connected to your inquiry or to data; speculation not backed by evidence.
• Minimal reflection: “I learned X” but no detail; no evidence of deeper thinking.
• Poor structure / presentation: confusing layout; graphs unlabeled; spelling / grammar issues; report not polished.

Practical Steps to Hit Top Grade

Here’s how to plan your work so you satisfy every box in the high-achievement description. If you do all this well, you’ll likely get a H1/O1 for the Research Study portion.

Pick something specific, interesting to you, but directly linked to the SEC brief: Discuss with your teacher early to ensure it’s manageable and relevant. If too broad, you’ll struggle to go deep. If too narrow, hard to find data. Aim for something in-between. Also pick something that allows you to gather both quantitative and qualitative data.

Gathering sources: Use multiple secondary sources (books, gov’t reports, reputable websites, economic journals). If possible, do primary research (surveys, interviews, observation) to add original data. Check for bias; assess reliability. A major difference is in quality of sources. A well-chosen small number of very good sources beats a big number of mediocre ones. When using internet sources, ensure they’re credible (govt, universities, recognised organisations).

Applying economic theory / concepts Know which models, concepts, theories map to your topic: Use them explicitly — define them, apply them to your data. Use diagrams if relevant. Don’t just say “this shows supply & demand” — explain which part of supply & demand (shifts, curves, etc.), tie to your data. A diagram with correct labels & explanation adds marks.

Analysing / evaluating data: For quantitative data, show correct processing: percentages, averages, charts/graphs etc. For qualitative: compare viewpoints, note limitations, counterarguments. Evaluate the strengths and weaknesses of your sources & data. E.g. “This survey has small sample, possible bias” shows insight. Also compare different sources: maybe one says A, another says B — why? Which do you trust more and why?

Drawing conclusions: Base them directly on the evidence you collected. Avoid over-generalisation. Relate them back to your original inquiry. Also, say what remains uncertain or what could be further studied. Try to show nuance. Good conclusions often acknowledge limitations. That shows maturity of thought.

Reflection: This is more than “I learned a lot”. Reflect on your research process: what worked well, what didn’t; how your understanding changed; how your attitudes or possible actions might be affected. If you can relate it to your own experience, or to local / personal context, that helps. Also reflect on skills: time-management, data skills, critical thinking.

Structure & presentation: Follow the required format (Introduction, Research Process, Conclusions, Reflection). Use clear headings, logical flow. Include graphs / tables as needed; label them. Use proper referencing of sources. Good spelling & grammar. Word-limit: stay under or within acceptable bounds. A clean polished report gives confidence to examiner. Mistakes in grammar or sloppy layout distract from content; examiners may mark down. Graphs that are poorly labelled or without explanation can lose a lot. Also, if you exceed word-limit greatly, might get penalised / less coherent.

What Examiners Look For: The “Tick-Boxes”

To get a top grade, ensure your report hits all or almost all of these “tick-boxes”:

1. Strong, clear line of inquiry — formulated as an economic question / issue. ✅

2. Well-chosen sources — at least two reliable sources; both qualitative & quantitative if possible; acknowledge all sources. ✅

3. Correct economic concepts / theories — used where appropriate; defined and applied. ✅

4. Accurate data handling — graphs, tables; calculations correct; interpretation. ✅

5. Evaluation & critical thinking — assessing reliability, weighing evidence, considering counterarguments or limitations. ✅

6. Conclusions — clearly tied back to inquiry, evidence-based, not speculative. ✅

7. Reflection — on your learning, about thinking, about process. ✅

8. Presentation & coherence — logically organised; good writing; referencing; neat layout; correct labels; within word-limit. ✅

What the “Top Grade” Looks Like in Past Advice

From StudyClix and other student-advice sources:

Use the maximum number of graphs allowed, analyse them, compare them. The visuals help, but only if you analyse them. 

Make sure you tick every box in the marking scheme. Often students lose marks from missing one or two criteria. 

Plan timeline carefully so you can refine / revise. Don’t leave everything to the deadline. Revision allows you to polish language, fix errors. 

Risks and Trade-Offs

Be realistic: doing everything at a top level takes time and effort. Some trade-offs:

If you try to do ambitious primary research but the sample ends up too small or biased, it may hurt more than helping.

Polishing presentation is good, but content, analysis and conclusions are more heavily weighted. Don’t spend all your time on layout while analysis is weak.

Time management: it’s better to do a few things well than many things poorly.

This podcast has some more useful advice.

Short Summary of the LC Economics Course

This is a brief synopsis of the Leaving Certificate Economics course. If you are in Third Year, or T.Y. and you are thinking about studying Economics, this summary will let you know what's involved.

Strand 1:

1. Economics as a way of thinking:

Economics as a way of thinking refers to the analytical approach used to understand and solve economic problems. It involves applying economic principles and models to examine how individuals, businesses, and governments make choices in a world with limited resources.

Key points:

• Scarcity and choice are fundamental concepts in economics. Scarcity means that resources are limited, and choices must be made to allocate these resources efficiently.

• Opportunity cost: When making choices, individuals and societies must consider the next best alternative forgone. The opportunity cost is the value of the best alternative not chosen.

• Marginal analysis: Economists analyse decisions at the margin, which means assessing the benefits and costs of incremental changes.

• Incentives matter: People respond to changes in costs and benefits, which influence their behaviour.

• Trade-offs: Making choices often involves trade-offs, where gaining one benefit might mean sacrificing another.

 

2. Economic concepts of scarcity and choice:

Key points:

• Scarcity: Resources such as land, labour, capital, and entrepreneurship are limited compared to unlimited human wants. This scarcity necessitates choices and trade-offs.

• Choice: Individuals and societies must choose how to allocate resources among competing needs and wants. These choices result in an opportunity cost.

• Production Possibility Frontier (PPF): The PPF illustrates the maximum amount of two goods or services that an economy can produce given its resources and technology. Points on the PPF are efficient, while points inside the curve represent underutilisation, and points beyond the curve are unattainable.

• Factors of production: Resources used in the production process - land, labour, capital, and entrepreneurship.

 

3. Economic, social, and environmental sustainability:

Key points:

• Economic sustainability: Focuses on the long-term health of an economy, ensuring resources are utilised efficiently and that growth is balanced to meet future needs.

• Social sustainability: Concerned with promoting equality, social cohesion, and well-being among all members of society.

• Environmental sustainability: Ensuring that economic activities do not deplete or harm natural resources, maintaining ecological balance.

• Balancing trade-offs: Sustainable development requires managing trade-offs between economic growth, social progress, and environmental protection.

 

Strand 2:

4. The market economy:

Key points:

• Market economy: An economic system where the allocation of resources and the distribution of goods and services are determined by supply and demand in free markets.

• Price mechanism: Prices are signals that convey information about scarcity and demand. Changes in prices influence behaviour and resource allocation.

• Competition: A key characteristic of market economies that drives efficiency and innovation.

• Role of private property: In market economies, private individuals and businesses own most of the resources and make decisions about their use.

• Market failure: Occurs when the market does not allocate resources efficiently, leading to inefficiencies and the need for government intervention.

 

5. Elasticity:

Elasticity is a concept in economics that measures the responsiveness or sensitivity of one variable to changes in another variable. It helps us understand how much the quantity demanded or supplied of a good or service will change in response to changes in certain factors. 

Key points:

• Price Elasticity of Demand (PED): Price elasticity of demand measures the percentage change in quantity demanded divided by the percentage change in price. If PED is greater than 1, demand is elastic, meaning consumers are highly responsive to price changes. A small price increase will result in a relatively large decrease in quantity demanded. If PED is less than 1, demand is inelastic, implying consumers are less responsive to price changes, and quantity demanded changes proportionally less than the price. When PED is equal to 1, demand is unitary elastic.

• Income Elasticity of Demand (YED): Income elasticity of demand measures the percentage change in quantity demanded divided by the percentage change in income. Positive YED indicates a normal good, where as income increases, the quantity demanded also increases. Negative YED indicates an inferior good, where as income increases, the quantity demanded decreases.

• Price Elasticity of Supply (PES): Price elasticity of supply measures the percentage change in quantity supplied divided by the percentage change in price. If PES is greater than 1, supply is elastic, meaning producers are highly responsive to price changes. A small price increase will lead to a relatively large increase in quantity supplied. If PES is less than 1, supply is inelastic, implying producers are less responsive to price changes, and quantity supplied changes proportionally less than the price. When PES is equal to 1, supply is unitary elastic.

Understanding elasticity is vital for businesses, policymakers, and consumers. For businesses, knowing the demand and supply elasticity helps determine pricing strategies and revenue maximisation. Policymakers use elasticity to design effective taxation and subsidy policies and analyse the impact of market interventions. Consumers can use elasticity to make informed decisions about how changes in prices or income will affect their purchasing choices.

 

6. Costs:

Key points:

• Economic costs: The total costs of producing a good or service, including both explicit costs (direct expenses) and implicit costs (opportunity costs).

• Short-run vs. Long-run costs: Short-run costs include both fixed costs (unchanging regardless of output) and variable costs (vary with output). Long-run costs include all costs that can be adjusted in the long term.

• Total cost, average cost, and marginal cost: Total cost is the sum of all costs, average cost is total cost divided by output, and marginal cost is the cost of producing one additional unit.

• Economies of scale: When increasing production leads to lower average costs.

• Diseconomies of scale: When increasing production leads to higher average costs.

 

7. Government intervention in the market:

Key points:

• Market failures: Situations where the market fails to allocate resources efficiently, leading to inefficiencies, externalities, or public goods problems.

• Types of government intervention: Direct provision of goods and services, regulation, taxation, subsidies, price controls, and antitrust policies.

• Public goods: Goods that are non-excludable and non-rivalrous, leading to the free-rider problem. Governments often provide public goods.

• Externalities: When the production or consumption of a good affects third parties, leading to either positive or negative externalities. Government intervention may be necessary to internalize external costs or benefits.

• Merit goods and demerit goods: Goods that have positive or negative externalities and may warrant government intervention to promote or discourage consumption.

 

Strand 3:

8. Market structures:

Key points:

• Perfect competition: Many small firms, identical products, no barriers to entry or exit, and no market power. Prices are determined by supply and demand.

• Monopoly: A single firm dominates the market, facing no competition. It has significant market power and can set prices.

• Oligopoly: A few large firms dominate the market. Interdependence among firms can lead to strategic behaviour and price rigidity.

• Monopolistic competition: Many firms, differentiated products, and some degree of market power. Firms compete on product differentiation rather than price.

 

9. The labour market:

Key points:

• Labour supply and demand: Labor supply represents individuals willing and able to work at various wage rates, while labour demand represents firms' demand for workers at different wage rates.

• Equilibrium wage: The wage rate where labour supply equals labour demand.

• Factors affecting labour market: Changes in technology, education and skill levels, labour market regulations, and the overall health of the economy.

• Wage differentials: Differences in wages based on factors such as skill levels, education, experience, and job characteristics.

 

10. Market failure:

Key points:

• Market failure occurs when the market does not allocate resources efficiently, resulting in overallocation or under-allocation of resources.

• Externalities: Spillover effects that affect third parties not directly involved in the market transaction.

• Public goods: Goods that are non-excludable and non-rivalrous, leading to the free-rider problem.

• Asymmetric information: When one party in a transaction has more information than the other, leading to adverse selection or moral hazard problems.

• Government intervention to correct market failure: Taxes, subsidies, regulation, and provision of public goods.

 

Strand 4:

11. National income:

Key points:

• National income measures the total output produced by a country within a specific period, usually a year.

• Gross Domestic Product (GDP): The total value of all final goods and services produced within a country's borders, regardless of who owns the production.

• Gross National Product (GNP): The total value of all final goods and services produced by a country's residents, both domestically and abroad.

• GDP per capita: GDP divided by the population, providing an average income measure.

• Real vs. Nominal GDP: Real GDP adjusts for inflation, while nominal GDP does not.

 

12. Fiscal policy and the budget framework:

Key points:

• Fiscal policy: The use of government spending and taxation to influence the economy.

• Expansionary fiscal policy: Increasing government spending and/or cutting taxes to stimulate economic growth during a recession.

• Contractionary fiscal policy: Decreasing government spending and/or raising taxes to combat inflation and cool down an overheated economy.

• Budget framework: The structure of government revenues and expenditures, aiming for fiscal sustainability and responsible management of public finances.

 

13. Employment and unemployment:

Key points:

• Employment rate: The percentage of the labour force that is employed.

• Unemployment rate: The percentage of the labour force that is actively seeking employment but unable to find a job.

• Types of unemployment: Frictional (due to natural job turnover), structural (due to changes in the structure of the economy), and cyclical (due to economic fluctuations).

• Full employment: The level of unemployment that represents normal frictional and structural unemployment, with no cyclical unemployment.

 

14. Monetary policy and the price level:

Key points:

• Monetary policy: The management of the money supply and interest rates by the central bank to achieve economic goals, such as price stability and economic growth.

• Inflation: A sustained increase in the general price level of goods and services.

• Deflation: A sustained decrease in the general price level of goods and services.

• Central bank tools: Open market operations, reserve requirements, and discount rates.

• Phillips curve: Shows the trade-off between inflation and unemployment in the short run.

 

15. The financial sector:

Key points:

• Financial intermediaries: Institutions that channel funds from savers to borrowers, facilitating the flow of funds in the economy.

• Banks: Primary financial intermediaries that accept deposits and make loans.

• Stock market: Where shares of ownership in companies are bought and sold.

• Bond market: Where debt securities are bought and sold.

• Role of the financial sector: Mobilizing savings, providing credit, managing risk, and facilitating investment.

 

Strand 5:

16. Economic growth and development:

Key points:

• Economic growth: An increase in the production of goods and services in an economy over time.

• Factors of economic growth: Increases in physical and human capital, technological advancements, and improvements in productivity.

• Economic development: A broader concept that includes improvements in living standards, healthcare, education, and overall well-being.

• Differences in economic development: Disparities between developed, developing, and underdeveloped countries.

 

17. Globalisation:

Key points:

• Globalisation refers to the increased interconnectedness and integration of economies, societies, and cultures worldwide.

• Factors driving globalisation: Technological advancements, trade liberalisation, investment flows, and communication networks.

• Benefits of globalisation: Increased trade, economic growth, access to foreign markets, and cultural exchange.

• Criticisms of globalisation: Income inequality, job displacement, environmental degradation, and cultural homogenisation.

 

18. International trade and competitiveness:

Key points:

• International trade: The exchange of goods and services across international borders.

• Comparative advantage: A country has a comparative advantage in producing a good if it can produce it at a lower opportunity cost than another country.

• Trade barriers: Tariffs, quotas, and other restrictions that countries impose on imports to protect domestic industries.

• Balance of trade: The difference between a country's exports and imports.

• Exchange rates: The value of one currency relative to another, influencing international trade and competitiveness.