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Many economists have commented on Ireland's 'greying population' i.e - Leaving Cert Economics - Question 6 - 2009
Question 6
Many economists have commented on Ireland's 'greying population' i.e. the structure of Ireland's population is getting older. State and explain how this development... show full transcript
Worked Solution & Example Answer:Many economists have commented on Ireland's 'greying population' i.e - Leaving Cert Economics - Question 6 - 2009
Step 1
State and explain how this development may affect Demand for goods and services
Answer
As Ireland's population ages, there will be an increased demand for goods and services tailored to older adults. This includes healthcare services, assisted living facilities, and medications. Businesses that aim to cater to this demographic are likely to see growth, which in turn can stimulate the economy.
Step 2
State and explain how this development may affect Government finances
Answer
A greying population will impact government finances as increased expenditure on social services becomes necessary. The state may need to allocate more funds for pensions and healthcare. This could lead to higher taxes or reallocation of budgets from other areas.
Step 3
State and explain two possible economic reasons for this
Answer
- Worldwide economic recession has led to lower demand for goods and services, causing businesses to reduce their workforce. 2. The relocation of industries abroad has reduced job opportunities within Ireland, leaving many people unemployed.
Step 4
State and explain two economic effects which this development may have on the economy
Answer
- Falling standard of living as unemployed individuals experience reduced income and spending power. 2. Increased government expenditure on social welfare as more individuals require financial assistance from state programs.
Step 5
Step 6
Step 7
Step 8
Write brief notes on each of these
Answer
- High levels of poverty hinder economic development, making it difficult for people to have decent living conditions and access to basic needs. 2. Dependence on a single crop can lead to economic instability, as fluctuations in crop yields greatly affect the national economy.
Step 9
Discuss three measures which Irish citizens could take to help reduce the problems experienced in LDCs
Answer
- Engage in ethical consumerism by buying fair trade products, which helps to support local economies in LDCs. 2. Advocate for debt relief initiatives to alleviate financial burdens on LDCs. 3. Volunteer or support charities that work directly in LDCs to improve infrastructure and education.