Wednesday November 25, 2020

Business 2000: The subjects that really matter in economics

In the latest instalment of our guide for students doing Leaving Cert economics, Susan Hayes explores GDP, inflation and exchange rates.

21st April, 2012

Ireland has seen some very difficult economic circumstances over the last number of years. A recession is defined as 'two consecutive quarters of economic decline in terms of GDP'. Since 2007, Ireland has seen a very harsh and deep recession with contracting consumption, investment and government expenditure.

First, in the case of consumption, many people's wages were cut and a very significant number of people lost their jobs. As a result, the less money people had,...

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