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'The Irish economy is growing three times faster than any other European country.' Adapted from The Irish Times, February 2018 - Junior Cycle Business Studies - Question 10 - 2019
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 gro... 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 - Junior Cycle Business Studies - Question 10 - 2019
Step 1
1. Increase in employment in the area.
Answer
Economic growth typically leads to the establishment and expansion of businesses, which in turn creates more job opportunities. This influx of jobs can help reduce unemployment rates in small towns, allowing residents to secure stable and often better-paying positions, fostering a sense of community development.
Step 2
2. Improvement in the standard of living of those in the area.
Answer
As the economy grows, wages generally increase, providing residents with more disposable income. This financial boost allows individuals and families to spend on goods and services, enhancing their quality of life. A higher standard of living may also lead to increased investment in local amenities, education, and healthcare.