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Identify two benefits of shopping locally for the local economy - Junior Cycle Business Studies - Question 8 - 2022
Question 8
Identify two benefits of shopping locally for the local economy. 1. 2. Give one reason why a consumer may choose not to shop locally.
Worked Solution & Example Answer:Identify two benefits of shopping locally for the local economy - Junior Cycle Business Studies - Question 8 - 2022
Step 1
Identify two benefits of shopping locally for the local economy.
Answer
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Employment: Local businesses provide employment opportunities, which helps reduce unemployment rates in the community. This employment generates income for residents, allowing them to contribute to the local economy through spending.
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Increased standard of living: Employees hired by local businesses tend to have more disposable income. This increase in income not only enhances their standard of living but also leads to further spending within the community, creating a positive economic cycle.
Step 2
Give one reason why a consumer may choose not to shop locally.
Answer
Less choice / availability: Shopping in a local community can lead to limited options for consumers, as there may not be as many shops or products available compared to larger urban areas. This can make it challenging for consumers to find exactly what they need, prompting them to shop elsewhere.