Please enable JavaScript.
Coggle requires JavaScript to display documents.
Economics 1 (Inflation (effects (cost of living increases, demands for…
Economics 1
Inflation
-
-
-
causes
increase in production costs, manufacturer needs more money so raises the prices
-
the demand for goods is greater than supply of goods, people want more and manufacturers are fighting for business and drive up prices
increase in indirect taxes, VAT increases
-
-
Economic Systems
must decide what goods and services produced, how to produce these and who is to benefit from production
-
-
Mixed Economics
allow most economic decisions to be made by private sector, government intervenes to ensure supply of essential goods and services, sometimes involve in planning future development of economy e.g. Ireland
-
-
Economic Growth
-
negative economic growth occurs when the amount of goods and services produced one year is less than the amount produced the previous year
-
-
Economics is the study of how we make the best possibly use of scarce resources in order to satisfy the requirements of as many people as possible
-
Recessions
the CSO measures amount of goods and services produced on a quarterly basis, if less goods and services are produced in two consecutive quarters economy in recession