UNIT 19 Economic Indicators and Sustainability


Key Terms/Summary


Economic indicator: A statistic that can be used to analyse how well a particular area of the economy is performing.


Inflation: This is an increase in the general level of prices of goods and services from one year to the next.


Consumer Price Index: Measures the change over time in the prices of products and services that people typically buy. It’s a tool to calculate inflation.


Employment rate: Refers to the percentage of labour force employed or self-employed.


Interest rates (IR): The price of money. If we want to borrow money, you have to pay a fee and this fee is called interest. Interest rates are normally expressed as a percentage %.


Exchange rates: The price of one currency in terms of another. It indicates how much foreign currency that you would receive for a euro.


National income: The total income earned by residents of a country during a given period. This includes the production of goods and services.


National debt: The total amount of money that a country owes domestically and internationally.


Economic growth: An increase in the quantity of goods and services produced in an economy from one year to the next. This means economic growth occurs when there is an increase in the total production and consumption of goods and services in a country.


Sustainability:


Development that meets the needs of the present without risking the ability of future generations to meet their needs.


Gross domestic product (GDP): The total amount of goods and services produced in a country within one year. It includes Irish-owned and foreign- owned companies.


Gross national product (GNP): Includes all goods and services produced, including those by Irish companies overseas.


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