'I know the basics'
Example of fixed, irregular and discretionary expenditure
Fixed - mortgage, rent, loan repayment, insurance
Irregular - Groceries, fuel, electricity
Discretionary - Concert, holiday
3 examples of how consumers can be ethical
Buy local, buy fairtrade, don't impulse buy, shop local, don't buy animal tested products
Measure of inflation
Consumer Price Index (CPI)
The tackle and solve problems in society
Example of a mixed economy
Ireland
Name 3 statutory deductions
PAYE, USC, PRSI
2 factors to consider when setting the price of a product
Cost of production, income of target market, competitors
2 positive impacts of economic growth on society
Create employment, new goods and services
List 2 examples of current assets
Debtors, closing stock, cash, bank
2 rewards of being a sole trader
Easy to set up
Own boss
Keep all the profits
3 characteristics of an entrepreneur
Decisive, resilience, determined, self-motivated, innovative, risk taker
Explain insurable interest.
The insured person must benefit from the existence of the insured item and suffer from its loss
Average clause formula
Amount insured/Value of item x Claim
Inform consumers about rights, enforce consumer law, advise government about where consumers need more protection
2 examples of current government expenditure
Nurses wages, Fuel for ambulances, Electricity for hospitals, maintenance of roads, TD wages
2 rights and 2 repsonsibilities of an employee
rights - received at least minimum wage, safe working conditions
responsibilities - complete work as stated in contract, punctuality, respect
Name 2 state-owned companies and the services they provide.
RTÉ (media), ESB (electricity), Bus Eireann (transport, Irish Rail (transport)
Working capital =
Name the 4 factors of production
Land, Labour, Capital, Enterprise
Irish services used by foreign customers e.g., Americans on holiday in Ireland for the Ryder Cup in 2027
2 reasons for using credit unions
low interest rates, convenient locations, secure, opening hours
3 reasons for exporting from Ireland
Small market, Specialisation (dairy/agri), Create employment
In an email of complaint, what layout should be used for your 3 paragraphs and how should it be signed off?
Para 1 - complaint and action taken so far
Para 2 - Law broken
Para 3 - Redress
Sign off - yours sincerly
2 services provided by Local Enterprise Offices to businesses
Grants, mentoring, training