Economy

Manage my Resources

You should be able to:
3.1 Explain how scarcity of economic resources results in individuals having to make choices; predict possible consequences of these choices
3.2 Explain how individuals, organisations (for profit and not-for-profit) and the government work together to distribute economic resources used to produce goods and services
3.3 Evaluate how changes in the supply and demand of goods and services in different markets can affect prices
3.4 Differentiate between different sources of government revenue and government expenditure

Exploring business

You should be able to:
3.5 Examine the purpose of taxation from a financial, social, legal and ethical perspective
3.6 Explain how economic growth can impact positively and negatively on society and the environment and justify the promotion of sustainable development
3.7 Debate the implications of globalisation of trade, including the benefits and challenges of international trade
3.8 Discuss the economic and social benefits and challenges of Ireland’s membership of the EU

Using skills for business

You should be able to:
3.9 Explain the relevance of economic indicators such as inflation, employment rates, interest rates, economic growth, national income and national debt for individuals and the economy
3.10 Use their knowledge, and information from a range of media sources, to discuss current economic issues and present an informed view
3.11 Evaluate the benefits and costs of a government economic policy and assess who enjoys the benefits and who bears the costs