Author Archives: MsClancy

7. (ii) identify the different phases of business cycles and critically examine the main factors that led to the fluctuations in output The Business Cycle is the periodic fluctuations in economic activity measured by changes in real GDP. The phases … Continue reading →

Section A  Question 1 One method of calculating national income is the output method, state two others Explain the term hidden economies, using examples State two economic and two social impacts of hidden economy  Define the terms GDP, GNP and … Continue reading →

2022 SEC Sample paper Q. 10  i. With the aid of the above infographic, briefly explain your understanding of the circular flow of income, identifying the different sectors of the economy and their interconnections. ii. Draw a detailed diagram of … Continue reading →

2022 SEC Sample paper Q. 10  i. With the aid of the above infographic, briefly explain your understanding of the circular flow of income, identifying the different sectors of the economy and their interconnections. ii. Draw a detailed diagram of … Continue reading →

Irish mirror outlines the concrete block levy in Budget 2023. Concrete block levy will offset cost of mica redress scheme, says Tanaiste Leo Varadkar Market for concrete blocks This government intervention will cause the price of concrete blocks to increase. … Continue reading →

National debt is the total amount of government debt outstanding. NTMA (National Treasury management agency) borrows money on behalf of the state ie. It manages debt. Problems with having National Debt  Opportunity costs involved: With more funds being used to … Continue reading →

Definition: The selling of a state owned company / asset in whole or in part to the private sector Student workpoint: Find five previously state owned firms.  Possible economic arguments for may include:   Revenue for government: The government could use … Continue reading →

Irish Budget: See newspaper article: At a glance: Here are the key points from Budget 2023 (RTE, 2022) Current Budget Deficit: : government current revenue is less than government current expenditure   Current Budget Surplus: government current revenue is greater than … Continue reading →

A tax on companies profits.  The gov. are to devise a plan to outline a gradual change in the rate from 12.5 – 15% effective from 2023 for companies with a turnover greater than 750m. All companies below this turnover … Continue reading →