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Download Junior Cert `06 - Colaiste Choilm Swords
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Junior Cert ‘06 BUSINESS STUDIES Revision Notes National Budget, Economic Framework and Foreign Trade Name:_________________ Class:_______ THIS BOOKLET SHOULD BE PLACED IN YOUR PORTFOLIO AFTER ITS USE IN CLASS IS FINISHED Mr Foster Section One: NATIONAL BUDGET Expenditure Government Expenditure 2 types Examples: Examples: Income Government Income 2 types Examples: Examples: The Budget Income v’s Expenditure The Capital Budget __________________________________________________________ __________________________________________________________ Why will it always balance ? __________________________________________________________ The Current Budget __________________________________________________________ __________________________________________________________ Surplus = _____________ greater than_______________ What do we do? Deficit= _____________greater than________________ What do we do? National Debt __________________________________________________________ __________________________________________________________ Debt Servicing __________________________________________________________ __________________________________________________________ Section Two: ECONOMIC FRAMEWORK Scarcity __________________________________________________________ __________________________________________________________ Example: Need __________________________________________________________ __________________________________________________________ Example: Want __________________________________________________________ __________________________________________________________ Example: Economics __________________________________________________________ __________________________________________________________ Opportunity Cost __________________________________________________________ __________________________________________________________ Economy __________________________________________________________ __________________________________________________________ FACTORS OF PRODUCTION =__________________________________________________________ Land __________________________________________________________ __________________________________________________________ Example: Labour __________________________________________________________ __________________________________________________________ Example: Capital __________________________________________________________ __________________________________________________________ Example: Enterprise __________________________________________________________ __________________________________________________________ Example: Rewards for supplying the Factors of Production Land Labour Capital Enterprise National Economy __________________________________________________________ __________________________________________________________ What Decisions do we have to make involving the Factors of Production in the National Economy ? 1______________________________________________________ 2______________________________________________________ 3______________________________________________________ 4______________________________________________________ 5______________________________________________________ How Can National Economies be organised? How do we measure the success of a National Economy? ___________________________________________________________ Ways of Measuring Economic Growth Gross National Product [GNP] __________________________________________________________ __________________________________________________________ Gross Domestic Product [GDP] __________________________________________________________ __________________________________________________________ We measure growth using ______ Why? __________________________________________________________ __________________________________________________________ Inflation Inflation __________________________________________________________ __________________________________________________________ Formula: Change _ in _ Pr ice 100 Old _ Pr ice Measured using the CPI = ____________ ________ Why do we want low inflation? _______ Section Three: FOREIGN TRADE Imports (_________________) __________________________________________________________ __________________________________________________________ Visible Imports __________________________________________________________ __________________________________________________________ Example: Invisible Imports __________________________________________________________ __________________________________________________________ Example: Exports (_________________) __________________________________________________________ __________________________________________________________ Visible Exports __________________________________________________________ __________________________________________________________ Example: Invisible Exports __________________________________________________________ __________________________________________________________ Example: Reasons for Foreign Trade 1_________________________________________________________ 2_________________________________________________________ 3_________________________________________________________ 4_________________________________________________________ Balance of Trade Balance of Trade __________________________________________________________ __________________________________________________________ Balance of Trade Surplus=_________________________________ Balance of Trade Deficit = _________________________________ What do we do? _________________ , _____________________ Import Substitution __________________________________________________________ __________________________________________________________ Example: Capital Goods __________________________________________________________ __________________________________________________________ Example: Balance of Payments Balance of Payments __________________________________________________________ __________________________________________________________ Net Earnings from Invisible Trade _______________________________ Total Imports _________________________________ Total Exports _________________________________ Currency Conversion To Convert to Euro_____________________________________ To Convert from Euro___________________________________ The European Union Founding Document ______________________________________ Aims of the EU 1________________________________________________________ 2________________________________________________________ 3________________________________________________________ 4________________________________________________________ Advantages to Ireland of EU Membership 1________________________________________________________ 2________________________________________________________ 3________________________________________________________ 4________________________________________________________ Drawbacks to Ireland of EU Membership 1________________________________________________________ 2________________________________________________________ 3________________________________________________________ 4________________________________________________________ The Euro The Euro __________________________________________________________ __________________________________________________________ Advantages 1________________________________________________________ 2________________________________________________________ 3________________________________________________________ 4________________________________________________________
