Economic growth, Advantages of economic growth and
disadvantages of economic growth(All correctly answered)
Economic growth correct answersIt can be defined as an increase in GNP per head without any
changes to the structure of society
Advantages of Economic growth are: correct answers1. Unemployment falls/Employment grows
2. Government revenue increases
3. Standard of living increases
4. A wider choice of goods and services are available.
5. Increase in immigration
6. An improvement in the balance of payments
Unemployment falls/Employment increases: correct answersTo produce more output more
workers are required
Government revenue increases: correct answersThe government receives increased revenue, e.g.
PAYE on
extra workers employed, more indirect taxes from the increase
in spending on goods and services
The standard of living improves: correct answersThe government has more money to spend on
services such as
healthcare from the extra taxes received
A wider choice of goods and services are provided: correct answersAs people have more money
with which to purchase goods and
services, suppliers attempt to meet the demands of consumers
Increase in immigration: correct answersAs more jobs are available, Ireland becomes more
attractive to
migrant workers who bring with them skills and expertise from
their own countries. These workers have cost nothing to the
Irish taxpayer to educate, yet it is the Irish economy that
benefits from their labour. Irish people who emigrated from
Ireland in the past may also find it easier to return home and
find work
An improvement in the balance of payments: correct answersAs more goods are produced, some
are exported. The money
for these exports flows back into Ireland, which is good for our
balance of payments
Disadvantages of economic growth are: correct answers1. Increased Pollution
2. Increase in property prices
3. Rapid growth of Urban Centers
disadvantages of economic growth(All correctly answered)
Economic growth correct answersIt can be defined as an increase in GNP per head without any
changes to the structure of society
Advantages of Economic growth are: correct answers1. Unemployment falls/Employment grows
2. Government revenue increases
3. Standard of living increases
4. A wider choice of goods and services are available.
5. Increase in immigration
6. An improvement in the balance of payments
Unemployment falls/Employment increases: correct answersTo produce more output more
workers are required
Government revenue increases: correct answersThe government receives increased revenue, e.g.
PAYE on
extra workers employed, more indirect taxes from the increase
in spending on goods and services
The standard of living improves: correct answersThe government has more money to spend on
services such as
healthcare from the extra taxes received
A wider choice of goods and services are provided: correct answersAs people have more money
with which to purchase goods and
services, suppliers attempt to meet the demands of consumers
Increase in immigration: correct answersAs more jobs are available, Ireland becomes more
attractive to
migrant workers who bring with them skills and expertise from
their own countries. These workers have cost nothing to the
Irish taxpayer to educate, yet it is the Irish economy that
benefits from their labour. Irish people who emigrated from
Ireland in the past may also find it easier to return home and
find work
An improvement in the balance of payments: correct answersAs more goods are produced, some
are exported. The money
for these exports flows back into Ireland, which is good for our
balance of payments
Disadvantages of economic growth are: correct answers1. Increased Pollution
2. Increase in property prices
3. Rapid growth of Urban Centers
