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Ch 20

Business, Economy & the community

TermDefinition
If economy is doing well businesses are in profit new businesses set up low unemployment, inflation low, interest rates low
If economy is not doing well businesses close down unemployment rises inflation rises interest rates rise
The affect variables have on a business. SALES – They can affect demand COSTS – Labour costs. BUSINESS CONFIDENCE
Economic variables These are elements of the economy which are subject to change.
Role of the government Regulations (rules/laws) . Redistribute wealth – spread wealth around the economy/country. Provide services Enforce the legislation Develop infrastructure
Unemployment The percentage of the labour force that does not have a job. Labour force is anyone able to work. Does not include those under 16, Pensioners, those with disability.
Exchange rates This tells you how much foreign currency you will get for €1. To convert euro to another currency, you simply multiply it by the exchange rate.
Interest rates - COST of borrowing money from financial institution such as a bank. Interest rates are expressed as an annual percentage rate (% of amount borrowed) - It is also the REWARD/BONUS received for money saved/invested. (Bank pays you interest for
Impact of business on the economy Create jobs Tax revenue Competition Sponsorship Creation of wealth Stronger local Communities, with strong local businesses. Less social issues such as Crime Better quality of life
Inflation This is the annual percentage increase in the level of prices of goods/services in the economy (over a period of time) - Measured by Consumer Price Index - CPI
How are changes in prices measured Consumer Price Index - CPI
Negative effects of Business to the economy Social and Environment issues Competition - closures of small businesses
Enterprise Ireland They offer grants, advice and mentoring for new indigenous businesses.
Failte Ireland Aim to increase tourism for Ireland. E.g. Wild Atlantic way. Gives advice to those in the tourism sector (hotels)
IDA Ireland Industrial Development Authority – Encourage MNCs from foreign countries. FDI (foreign direct investment) Helps advise them on setting up offices/factories in Ireland.
Bord Bia Promote Irish food/beverages abroad.
Tax This is the compulsory payment that must be made to the government in return for the benefits of living or doing business in Ireland. E.g. Corporation tax, PRSI, PAYE
List the Economic variables Interest rates Inflation Taxation Exchange rates Unemployment
Community Development This is when local people come together to identify the main problems in an area. They then develop a plan to solve the problems themselves.
Corporation tax This is tax a business pays from their profits
PRSI, PAYE, USC If you are an employee, these taxes are usually deducted from your pay
Created by: mcurran
 

 



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