Economic Growth (Junior Cert Business Studies): Flashcards
📚Flashcards
Practise the cards
14 cards from this deck
ShowHide
Practise the cards
14 cards from this deck
What is economic growth?
What is economic growth?
Increase in country's output of goods & services over time
What measures economic growth?
What measures economic growth?
GDP and GNP
What was Ireland's Celtic Tiger period?
What was Ireland's Celtic Tiger period?
Period of rapid economic expansion in Ireland
Celtic Tiger problems
Celtic Tiger problems
Excessive borrowing & over-reliance on construction
How technology drives economic growth
How technology drives economic growth
Efficient manufacturing, larger scale production, productivity
Define economic growth rate
Define economic growth rate
Percentage change in economic output over time
Economic growth rate formula
Economic growth rate formula
(Year 2 value - Year 1 value) / Year 1 value × 100
Individual benefit: income
Individual benefit: income
Higher disposable income
Individual benefit: employment
Individual benefit: employment
More employment opportunities
Business benefit: production
Business benefit: production
Increased output and production
Business benefit: workers
Business benefit: workers
Access to skilled workers (reduced emigration)
Government benefit: tax
Government benefit: tax
Higher tax revenues
Government benefit: welfare
Government benefit: welfare
Reduced social welfare costs
Sustainable economic growth principle
Sustainable economic growth principle
Balanced across industries, not one sector or borrowing-led