What is the Economy? (Leaving Cert Business): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
ShowHide
Practise the cards
10 cards from this deck
Definition of the economy
Definition of the economy
Production, distribution & consumption of goods/services
Type of economy Ireland has
Type of economy Ireland has
Small, open economy
Number of EU countries in the eurozone
Number of EU countries in the eurozone
20
Three main types of economic systems
Three main types of economic systems
Centrally planned, free market, mixed
Definition of a mixed economy
Definition of a mixed economy
Combines government planning and private enterprise
Four stages of the economic cycle
Four stages of the economic cycle
Boom, Peak, Recession, Recovery
What GDP measures
What GDP measures
Total value of goods & services produced in a country
Minimum duration of an economic recession
Minimum duration of an economic recession
Six months
Years of Ireland's Celtic Tiger period
Years of Ireland's Celtic Tiger period
1995-2008
Three organisations that form the Troika
Three organisations that form the Troika
EU, ECB, IMF