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Given that Mary's husband John is unemployed, she is interested in finding out how the economy is doing - Junior Cycle Business Studies - Question c - 2019
Question c
Given that Mary's husband John is unemployed, she is interested in finding out how the economy is doing. On the graph below, the economic indicators for unemployment... show full transcript
Worked Solution & Example Answer:Given that Mary's husband John is unemployed, she is interested in finding out how the economy is doing - Junior Cycle Business Studies - Question c - 2019
Step 1
Step 2
Explain the impact of the above trend in unemployment on individuals like John and on the economy.
Answer
Impact on individuals:
Earning a regular income will help individuals like John to pay bills. It will provide them with more disposable income, allowing them to purchase luxury goods. Additionally, as unemployment decreases, it will be easier for individuals like John to find a job which may improve their standard of living.
Impact on the economy:
There will be an increase in tax revenue for the government due to more people being employed. The Irish Government will need to spend less on social welfare payments for the unemployed. This could lead to an increase in capital spending by the government.