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The Balance of Payments is made up of the Current Account and the Capital Account - Leaving Cert Economics - Question 7 - 2007
Question 7
The Balance of Payments is made up of the Current Account and the Capital Account. Explain each of the underlined terms. Include details of the main components of ea... show full transcript
Worked Solution & Example Answer:The Balance of Payments is made up of the Current Account and the Capital Account - Leaving Cert Economics - Question 7 - 2007
Step 1
Discuss FOUR economic consequences for the Irish economy of the EU enlargement process.
Answer
The enlargement of the EU presents various economic consequences for Ireland:
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Larger Market:
- The expansion results in more significant sales opportunities for Irish firms, providing access to a broader range of goods and services.
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Profitable Investment Opportunities:
- Irish firms may invest in the new member states, potentially increasing profits and market presence.
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Source of Labour / New Skills:
- The ability to hire from new member states can help alleviate labor shortages in Ireland by bringing in skilled workers.
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Educational Opportunities:
- With a broader EU, there may be a chance for Irish citizens to pursue education in other member states, enhancing skills and knowledge in the Irish workforce.