Be Business 3 10 ECONOMIC ISSUES ECONOMIC ISSUES

Be Business 3. 10 ECONOMIC ISSUES

ECONOMIC ISSUES 3. 10 Learning Intentions At the end of this unit I will: • Know how to discuss the Irish economy • Apply information to different situations • Understand the importance of researching information 2

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ECONOMIC ISSUES 3. 10 BEFORE WE BEGIN Do this exercise individually or in pairs. Tick whether you agree or disagree with the statements. Revisit it after the unit to see if you have changed your mind about any of them. Before I agree After I disagree Statement I agree I disagree Our economy experiences growth all the time #04 AFEF Recession is good for a country Unemployment is a government issue Taxation is a government issue Inflation is a government issue 4

ECONOMIC ISSUES 3. 10 Websites Wonderful Worthwhile Websites www. businesseducation. ie www. revenue. ie www. finfacts. ie 5

ECONOMIC ISSUES 3. 10 Our Economy 1995 – 2007 Celtic Tiger – a period of record growth in the Irish economy. 90 9 1 0 0 20 10 0 2 20 2008 – 2013 Economic downturn - an enormous economic collapse and recession. 6

ECONOMIC ISSUES 3. 10 Our Economy Ireland went from boom (Celtic Tiger) to bust (economic collapse and recession)! The Irish government had to apply for financial help from the: • European Commission • European Central Bank (ECB) • International Monetary Fund (IMF) Collectively known as troika. The Irish economy has started to recover. EU measures have been put in place to encourage growth in our economy. 7

ECONOMIC ISSUES 3. 10 Economic Issues The following are important economic issues: • Unemployment • Housing shortage • Emigration • National debt • Inflation • Exchange rates • Education costs It is important to understand these issues through: • Research • Evaluation This helps us make informed judgments and recommendations. • Healthcare 8

ECONOMIC ISSUES 3. 10 Sourcing Information is all around us and available in many different formats. We have access to: • TV • Radio • Web pages • Social media (Facebook, Twitter, Instagram, etc) • Videos • Photographs With so much information available it is important to be able to evaluate and interpret it correctly. Don’t accept information at face value! 9

ECONOMIC ISSUES 3. 10 WORKING WITH OTHERS Let’s look at the issue of obesity as an example of an economic issue. Read the instructions on page 509. Research the topic using different sources: • Websites #04 AFEF • Newspapers • Radio • TV Page 509 10

ECONOMIC ISSUES 3. 10 Top Tip: Debating Read the debating tips on page 509: • Set the correct tone • Look at lots of different perspectives • Use different sources for your research • Consider the way you use language when discussing an issue • Be confident • Have evidence to back up your opinion • Practice arguing for both sides of the debate 11

ECONOMIC ISSUES 3. 10 CASE STUDY OBESITY Read the case study on obesity on page 509. This case study is an example of problem-solving. You must choose the best solution for the problem, taking into account the cost of the various options and what is achievable within existing constraints. 12

ECONOMIC ISSUES 3. 10 WORKING WITH OTHERS • How might Gateway School of Education fundraise for a new gymnasium? • Are there other inexpensive strategies the school could employ to tackle lack of fitness and weight issues among students? #04 AFEF • How might the school encourage students to become more active? • What are the costs to the government of an increase in obesity? Page 510 13

ECONOMIC ISSUES 3. 10 Evaluating Information Seven questions you should consider when evaluating information: 1. Who is sending this message/information? 2. Why are they sending the message? 3. What methods are used to attract attention, to create interest and desire, and to encourage action? 4. What points of view are represented? 5. Could the message be understood in different ways? 6. What is missing from the message? 7. What is the date of the information? 14

ECONOMIC ISSUES 3. 10 Economic Policies An economic policy is a plan/rule/decision made by our government to make changes to our economy. It is important to understand value economic issues and the policies used to tackle them. Different policies can conflict with each other. The government needs to be decisive. 15

ECONOMIC ISSUES 3. 10 Evaluating Government Policies 1. Define the issue. 2. What policy did the government introduce to solve this issues? 3. Be the government. What might I do to solve the issue? 4. Is this a new issue? 5. Do any other countries experience the same issue? 6. Has the issue been successfully resolved in another country? 7. How much money will the issue cost? 8. Who benefits from this policy? 9. Who might bear the cost? 10. How is the policy operated and what happens if it doesn’t work? 16

ECONOMIC ISSUES 3. 10 N I G N I K C CHE 1. List five questions you should ask yourself when evaluating information. 2. List five questions you should ask yourself when evaluating government policy. 17

ECONOMIC ISSUES 3. 10 Quick Quiz What is the name of the Irish economic boom that took place between 1995 and 2007? Celtic Phoenix Celtic Tiger Celtic Thunder 18

ECONOMIC ISSUES 3. 10 Quick Quiz What is the name of the Irish economic boom that took place between 1995 and 2007? Celtic Phoenix Celtic Tiger Celtic Thunder 19

ECONOMIC ISSUES 3. 10 Quick Quiz What is the name of the Irish economic boom that took place between 1995 and 2007? Celtic Phoenix Celtic Tiger Celtic Thunder 20

ECONOMIC ISSUES 3. 10 Quick Quiz What is the name of the Irish economic boom that took place between 1995 and 2007? Celtic Phoenix Celtic Tiger Celtic Thunder 21

ECONOMIC ISSUES 3. 10 Quick Quiz: Review The Celtic Tiger was a period of record growth in the Irish economy, from the mid-1990 s to the mid-2000 s. Celtic Phoenix is a name occasionally given to the economic upturn since 2014. Celtic Thunder is a name the name of an Irish singing group. 22

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ECONOMIC ISSUES 3. 10 Key Words • Celtic Tiger • Recession • Troika 24