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‘The Irish economy is growing three times faster than any other European country.’ Adapted from The Irish Times, February 2018 State two ways in which economic growth can have a positive impact on a small town in rural Ireland. - Junior Cycle Business Studies - Question 10 - 2022
Question 10
‘The Irish economy is growing three times faster than any other European country.’ Adapted from The Irish Times, February 2018 State two ways in which economic grow... show full transcript
Worked Solution & Example Answer:‘The Irish economy is growing three times faster than any other European country.’ Adapted from The Irish Times, February 2018 State two ways in which economic growth can have a positive impact on a small town in rural Ireland. - Junior Cycle Business Studies - Question 10 - 2022
Step 1
1. Increase in employment in the area.
Answer
Economic growth often leads to the establishment of new businesses and the expansion of existing ones. This creates job opportunities, which can significantly reduce unemployment rates in small towns. An increase in employment provides residents with jobs, increasing their financial stability and enhancing the overall economic environment.
Step 2
2. Improvement in the standard of living of those in the area.
Answer
As the economy grows, individuals and families typically earn higher wages. This increase in income allows residents to have more disposable income, which can be spent on goods and services. Consequently, this can lead to a better standard of living, as families can afford better housing, education, and healthcare, ultimately contributing to the overall wellbeing of the community.