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Economic indicators - Coggle Diagram
Economic indicators
intrest rates
the reward for saving ,oney and the cost for borrowing money
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natniol income
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calcultion meathods
income meathod: calculats the total income earned from ecnoic resorses in 1 year this income is the price the producer gets for producing a or service
expendture meathod: calculates the total spending on goods and services producedd in 1 year . this price is the price that the consumer pays for a good or service
natinol income is calculated by the central statistics office (CSO) they report on the countries gross domectic product (GDP) the total market value for goods and services produced in a countrie per year
Gross natinol product: it takes into account who produced a countrys goods and servicesGNP ia GDP plus income earned by irish invduals and people abroad and minius the money earned by forigen indvidauls and countries in ireland (wheere the income will eventaly end up)
the common largest factor of GDP snd GNP is goods and services produced within irelandn by irish orgnisations and indviduals cacluting GDP and GNP results in largly the same figures
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- Inflation: an increase in the price of gods and services it is when your money can buy fewer goodsand services thannit could last year
it is mesured using the (CPI) consumer price index. this works by selecting a sample basket of goods and services and comparing the price on a regualr basis
Calcuation rate of inflation ( cost of living in yr 2 - cost of living in year 1) over the cost of living in year 1 times 100
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Economic growth
the growth in a countries output of goods and services over time this out put is mesured be GNP and GDP
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Employment rate :
the % of the total labour force that is employed as the rate inreases the % of unemployment decreases and the healthier the econmy
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natinal debt
in the event of a defict budget the goverment will need to borrow money the total amount borrowed -> natinal debt
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imact of natinol debt
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there is an oppertunity cost as money used to service debt could have been used to fund essintal services
statistics that show how well the econmy is doing and sujest how well it is likley to do in the future