• The economic cycle describes the pattern of economic growth: boom, recession, slump and recovery. • Boom describes a period of above-average economic growth. • Recession is a period in which economic growth falls below average. • A slump occurs if a recession lasts for a long period of time. • An economy is said to be in recovery when its economic growth starts to rise again.
• The period between 1995 and 2007 marked a time of high economic growth in Ireland, which became known as the Celtic Tiger.
• The three pillars of sustainability are: 1. Social (people); 2. Environmental (planet); 3. Economic (profit).
• While economic growth raises the standard of living and reduces unemployment, it can also have negative impacts on society and the environment.
• Sustainable development attempts to satisfy current economic needs without harming the planet’s ability to meet society’s needs in the future.
• In order to meet global sustainability goals, governments, businesses and individuals must play a part.
Taking stock A
Go to page 229 of your Activities and Accounts Book to check what you have learned in chapter 34.
