Our Economy: Strand 3 2. Supply and demand


‘Ireland’s leading manufacturer of toilet paper says it is doing its best to meet demand as people stockpile as a result of the coronavirus. The sight of panic-buying toilet paper and rows of empty shelves have become enduring images of the coronavirus pandemic, not just in Ireland but worldwide. Aldar managing director Darren Farrell said orders from retailers were up 200 per cent since the outbreak began and the company was working seven days a week and 16 hours a day. Currently, it is at capacity producing 50,000 rolls of toilet tissue per hour.’ The Irish Times, 2020


(i) Outline the effect extra demand for toilet paper will have on the supply price. 3. Government revenue and expenditure (economic indicators)


‘A budget deficit of almost 8 per cent and unemployment of 15 per cent by the year’s end are among the stark warnings to be given to the Cabinet on Tuesday about the impact of Covid-19 on the public finances.’ The Irish Times, 2020


(i) Outline one impact on government income and one impact on government expenditure as a result of 15% unemployment.


(ii) Is the 15% unemployment figure a good or a bad trend? Elaborate. 4. Economic growth and sustainability/trade and globalisation/EU


‘Is globalisation the reason for the spread of Covid-19? Irish people have more disposable income and so have a larger desire to travel. Global trade is expected to drop around 18.5% year-on-year in the second quarter of this year in a huge coronavirus-driven plunge.’


WTO


(i) Explain the impact of economic growth on the environment. (ii) Discuss two impacts that the Covid-19 pandemic has on trade.


(iii) Outline two benefits of Ireland’s membership of the EU during a crisis such as the Covid-19 pandemic.


Other Issues


• Housing crisis: There is an increase in homeless people in Ireland today. This is due to unemployment figures rising and an increase in the cost of houses. To solve this crisis, the government could build more social affordable housing. There would then be more employment in the construction industry and gradually, homelessness figures would reduce.


• Sustainability: How can the government encourage sustainability among Irish people?


452


Think IT!


Is there any other issue you have an interest in?


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