Preparing for the 2017 Leaving Cert : Watch Susan's video on the Irish Economy

 

On 15 September, 2017, Susan did a Facebook Live presentation on the drivers of the Irish economy for Economics teachers and their students.

 

Susan HayesCulleton

 

The topics she talks about in the video will be very helpful for students studying for the Irish Leaving Cert.

 

Join Susan as she gives a comprehensive description of what makes the Irish economy go round.

 

 

1:30 : What makes an economy ? The four components of an economy : C + I + GE + NX

2:20 The new indicator called GNI is an adapted figure and is far more accurate than GDP. Why ?

3:45 What drives consumption ?

4:30 Wages increased - People are working more and working a longer week

6:00 Employment - dramatic rise, but don't make the mistake of looking at the Live Register only !

7:35 Inflation - are things getting more expensive in Ireland ?

8:15 What drives investment and who is investing in Ireland ?

9:22 Foreign Direct Investment - creating 11.842 additional jobs

11:03 Interest rate - Why is the borrowing rate driven by the EU ?

11:26 What does Mario Draghi do ? He has one main job : keep inflation below 2 % in the Eurozone

12:28 At the moment, if banks put their money with the European Central Bank, it costs them... But it costs them practically nothing to borrow money from the ECB.

14:48 Inflation affects interest rates - it's the one you need to watch. Don't confuse Irish inflation with European inflation

15:40 Business confidence. What makes a business more likely to invest ?

16:18 What is the PMI, and why are there two of it ?

17:54 Both PMI indices were expansionary in Ireland in July 2017

19:00 Can you list the four factors of production ?

19:30 The bugdet : government expenditure and the tax take

20:54 The tax take so far this year has increased by 1.2bn

21:16 What exactly is the Exchequer ?

23:03 What is GGD ? That's the one the IMF watches !

25:00 Net Exports, NX - What drives exports ?

26:03 The Euro is up 18 % agaisnt the pound since BREXIT (see other video), which means Irish goods are getting expensive for the UK

26:20 What is import substitution ?

27:22 What is an open economy ? And is Ireland an open economy ?

28:01 What are barriers to trade, either financial or otherwise ?

30:00 Look at EU, UK and US growth : do other countries have money to spend with us ?

33:00 What is stagflation ? What is imported inflation ? A very difficult issue to solve

38:00 Susan sums up the outline of her live video

 

Watch the video on Facebook

 

For more on the economic events that shaped 2016/2017, watch Susan's other Facebook Live presentation here.

 

 

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