Economics is a social science and studying it can open you up to a range of opportunities and career options. This was my favourite subject in school because it was diverse (compared to others) and I had a great teacher who made every class enjoyable. The course may seem long and immense but it isn’t that difficult. The exam is 2 hours and 30 minutes and includes two sections: short questions and long questions. I hope this guide inspires you and gives you motivation for your exam in the summer.
Guide
How to get a H1 in Leaving Cert Economics
By Adam R. - 10 minute readAdam got a H1 in his Leaving Cert Economics and in this guide, he shares his advice for succeeding in this subject.
Jump to:
Show all sections
Introduction
Studying this subject
There are a number of varied and useful resources out there. Let's have a look at some of them:
The textbook
Obviously, this is the best resource to use to study for the exam. It includes all the chapters and topics required to achieve a H1 grade, provided you put the work in. Also, I haven’t seen many economics books available other than the one I used in my class so chances are, questions will be taken from your book.
Past exam papers
It goes without saying that these can be a fantastic advantage to ace your exam. They can make you familiar with the layout of the exam and the wording of the questions. Every now and again, questions can repeat themselves so that question you did while flipping through the papers could well be on your exam and could be a great help.
Online resources
There are an endless number of online resources and websites available to help you with your study such as Quizlet and TinyCards (by Duolingo), for example, which include flashcards to help you remember definitions concisely. Studyclix is also a fantastic resource and finally, there is BBC Bitesize.
Revision
There are numerous revision books available to help you study where they break information down to be easily understood, e.g. Less Stress More Success, ReviseWise, etc.
Create your own notes
If you would prefer to condense everything down and have it all in one place, this is a brilliant idea. Use all of the above, grab a folder and reinterpret all the information for your convenience. Rewrite notes to suit you and to cater towards your understanding. This will help information stick as well as make everything clearer for you when you begin revising for the exam.
Remember
A formula book is needed for a small part of the course.
Short questions
This section is worth 25% (100 marks) of your overall result. In the exam, there are usually 9 short questions and you are required to answer 6 out of these 9. In saying that, you are advised to attempt all 9 to maximise your grade. In recent years, for example, the first 5 short questions were worth 16 marks and the remaining four were worth 17 marks. I know it is a slight difference but every mark counts. Here's some advice for approaching this section:
Timing
I suggest that you spend around 30 minutes on this portion of the exam. The exam lasts for 2.5 hours so it would be ideal to give 4-5 minutes to each question. If you get stuck on any certain question just leave it and come back to it at the end.
Brush up on the economy
In my opinion, it’s vital that you keep up with the here and now of the economy. The exam is not just 'doing everything by the book', you must have a sufficient knowledge of occurring events. To stay up-to-date, you could watch the news for 20 minutes a day or read some articles online. I highly recommend keeping track of significant events and changes in the economy as they tend to show up in the exam from time to time. For example, in my exam, Brexit and the housing crisis came up (which shouldn't have come as a surprise). Bear in mind that the exams are prepared later in the year, around November.
Question words
This is important and can save you unnecessary hassle in the exam. The State Examinations Commission can try to catch us out by asking questions in different ways (changing the wording of the question). They tend to use a range of verbs such as 'outline', 'define', 'describe', 'explain', 'state', 'list', 'discuss', 'distinguish' and so on. In my class, this would cause a bit of confusion. For example, we had a question that said 'Outline the four factors of production' and we assumed we should write a long, in-depth answer about each factor but to outline something, you only have to give a general description of the topic.
Structuring your answers
To give your examiner a clear answer and make it easier on their part, this is how you should structure your short (and long) questions: SEE (state, explain, example).
- 1
State your answer.
- 2
Explain the meaning/give the definition of the aforementioned statement.
- 3
Give an example as often as possible.
Example
Q: Give any one characteristic of perfect competition.
A: "Many sellers: in perfect competition, there are many sellers in the market and they all sell their products at the same price as they are “price-takers”. No one firm can influence the market price. If they were to change their price, they would not make any money as the market is huge, for example, fruit and veg stalls on Moore Street.
Long questions
This section is worth 75% (300 marks) of your overall exam. You will be supplied with 8 questions in total and you are expected to answer 4 (there will not be enough time to attempt any more). Generally, they are split 50/50 with the first 4 focusing on 'microeconomics' and the final 4 focusing on 'macroeconomics'. Each question is worth a total of 75 marks and I recommend spending 30 minutes on each one. Here's some advice for approaching this section:
Market structures
I would highly advise you to do a question on 'market structures' if it turns up because the graphs themselves can be worth around 10-15% of the exam alone. With practice, they are not so tricky.
Practice
You must look over some of the past examination papers as there have been a few questions that could not be answered with the book. In this case, it is best to ask your teacher or find an alternative (like an online resource). Once again, the exam papers can be a great tool during your time spent studying in the run-up to the main event.
Answer structure
Use the same method as short questions (SEE) but extend this to meet the amount of information required for the marks shown. In summary, state your paragraph, explain your answer and then try your best to give an example (in relation to the question). Don’t worry about the order you do the questions but a good strategy is to do your best question first.
Remember
Make sure to start each new question on a new page.
Good to know
The following is some useful information that really helped me while preparing for the exam. I hope you find it helpful too.
During the exam
While sitting your exam, make sure you:
Write down your exam number on the booklet.
Underline keywords in the question and reread the question multiple times.
Use titles and state them clearly.
Write headings in a different colour to make them stand out.
Label all diagrams clearly.
Write clearly. Answers cannot be marked if they are not legible.
Use bullet points and paragraphs, not essay-style writing.
Leave no blanks and attempt everything. Give an example as often as you can, even if the question doesn’t mention it.
Throw down some extra points on a spare page at the end. It might mean more marks.
Top tip
Stay until the end of the exam. I cannot stress this enough. Just keep looking back over the paper because mistakes can be corrected and you may remember the answer to a question you couldn’t answer earlier in the exam.
Microeconomics and macroeconomics
The table below outlines topics which microeconomics and macroeconomics focus on:
| Microeconomics |
|
| Macroeconomics |
|
I preferred the 'microeconomics' section of the course because there was less chance of topical subjects appearing in this section. I also found it much more straightforward than the complex aspects of the 'macro' topics.
Paragraphs
When it came to my answers, I would decide how many paragraphs I would write based on how many marks the question was worth. For example, if a question was worth 30 marks, I would give a paragraph for every 5 marks (6 points in total).
However, this is not always the case. For example, say you are given a question along the lines of 'Outline the benefits and drawbacks of unemployment' (worth 25 marks). In this situation, I would give 6 points (3 advantages and 3 disadvantages), even though it appears only 5 are needed.
Predictions
Do not make predicting the exam your main priority. If something hasn’t come up in a long while then maybe it’s a safe bet but the SEC has been on a mission to make the Leaving Cert as unpredictable as possible in recent years so it wouldn’t be worth spending time predicting (especially while you could be studying). Trust me on this, the year I expected the short questions to be a walk in the park, I couldn’t have been more wrong.
On the other hand, some topics appear at least once on the paper each year. You must study the following well because a question on 'at least three' tends to appear on the examination:
Market structures (perfect, imperfect, monopoly and oligopoly)
Supply and demand
Factors of production (land, labour, capital and enterprise)
Elasticity
The economists and their contributions to economics
Top tip
Expect a topical question. This should be prepared for in one way or another. These can cause a problem if you’re asked to explain one question in 25 marks (5 paragraphs). I wouldn’t believe they’d want more than 3/4 page to a page on this but expect the unexpected.
Final tips
Final Tips
1
2
3
4
5
6
7
8
Avoid using your phone during study
If you must use your phone while studying, whether it be searching for help on current events or listening to music, I suggest you turn it on flight mode while you study to prevent any distractions (such as texts, phone calls, social media, etc.).
1
Study early in the day
Try to get up early to study in the morning. You will be fresher and less tired. It is much more efficient than staying up until 10 at night and you can get more work done in less time. Trust me.
2
Keep track of your time in the exam
Bring a watch to the exam with you if there are no clocks. Don’t underestimate the stress of the exams. I knew the timetables off by heart in the Junior Cycle and showed up on time for every exam but in the last 15 minutes of my Irish exam, I completely forgot about the letter. I only saw it because I read through the paper and stayed right until the end.
3
Use acronyms
Use the first letter of each word to describe something and make a new word. For example, to remember the features for economic good, we used the word PUT (it commands a price, it gives utility and it is transferable).
4
Write it down
It is said that you remember up to 5% of what you engage with. You learn more by doing so write out notes to improve your memory.
5
Teach others
Test others on the subject and explain topics to them. If they understand, you know it well but if you can’t explain it, you don’t know it well enough.
6
Repetition
Repeat, repeat, repeat. Revise everything on a regular basis instead of one chapter week after week. This way, you’ll retain more and improve your concentration at the same time.
Take care of yourself
Stay hydrated, get enough exercise and take lots of breaks. If you study bit-by-bit and chapter-by-chapter, you’ll be well on your way to getting a H1 grade. At the end of the day, if all else fails and you don’t succeed the first time around, remember FAIL: first attempt in learning. You've got this!
Some final tips
for Leaving Cert Economics.
Avoid using your phone during study
If you must use your phone while studying, whether it be searching for help on current events or listening to music, I suggest you turn it on flight mode while you study to prevent any distractions (such as texts, phone calls, social media, etc.).
Study early in the day
Try to get up early to study in the morning. You will be fresher and less tired. It is much more efficient than staying up until 10 at night and you can get more work done in less time. Trust me.
Keep track of your time in the exam
Bring a watch to the exam with you if there are no clocks. Don’t underestimate the stress of the exams. I knew the timetables off by heart in the Junior Cycle and showed up on time for every exam but in the last 15 minutes of my Irish exam, I completely forgot about the letter. I only saw it because I read through the paper and stayed right until the end.
Use acronyms
Use the first letter of each word to describe something and make a new word. For example, to remember the features for economic good, we used the word PUT (it commands a price, it gives utility and it is transferable).
Write it down
It is said that you remember up to 5% of what you engage with. You learn more by doing so write out notes to improve your memory.
Teach others
Test others on the subject and explain topics to them. If they understand, you know it well but if you can’t explain it, you don’t know it well enough.
Repetition
Repeat, repeat, repeat. Revise everything on a regular basis instead of one chapter week after week. This way, you’ll retain more and improve your concentration at the same time.
Take care of yourself
Stay hydrated, get enough exercise and take lots of breaks. If you study bit-by-bit and chapter-by-chapter, you’ll be well on your way to getting a H1 grade. At the end of the day, if all else fails and you don’t succeed the first time around, remember FAIL: first attempt in learning. You've got this!
Hope these help - happy studying!
Best of luck in the exam! You'll be great.
By Adam R.
Adam got an H1 in his higher level Leaving cert Economics paper.