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Northern IrelandEconomics

Managing the National Economy

5 dot points across 5 inquiry questions. Click any dot point for a focused answer with worked past exam questions where available.

How does the government use its taxes and spending to steer the whole economy?

Explain fiscal policy, the main types of taxation and government spending, the budget balance, and how fiscal policy is used to influence the economy.
A CCEA GCSE Economics answer on fiscal policy, covering taxation (direct and indirect, progressive and regressive), government spending, the budget balance and deficits and surpluses, and how expansionary and contractionary fiscal policy is used to influence demand, growth and the other objectives.
12 min answer →

What is the government trying to achieve for the economy, and how do we measure whether it is succeeding?

Explain the government's main economic objectives, the meaning of economic growth and gross domestic product, the business cycle, and the main economic indicators used to judge performance.
A CCEA GCSE Economics answer on government economic objectives, covering the main aims of economic growth, low unemployment, low and stable inflation and a satisfactory balance of payments, the meaning of GDP and economic growth, the business cycle, and the indicators used to measure economic performance.
12 min answer →

What is inflation, how is it measured, and why does rising prices cause so much trouble?

Explain inflation and its measurement using the Consumer Prices Index, the causes of inflation, and its effects on consumers, savers, borrowers, firms and the wider economy.
A CCEA GCSE Economics answer on inflation, covering its definition and measurement by the Consumer Prices Index, how a price index is calculated, the demand-pull and cost-push causes of inflation, and its effects on consumers, savers, borrowers, firms and the economy.
12 min answer →

How does changing interest rates ripple out to control spending, inflation and growth?

Explain monetary policy, the role of the central bank and interest rates, and how changes in interest rates and the money supply influence borrowing, spending, inflation and growth.
A CCEA GCSE Economics answer on monetary policy, covering the role of the central bank, how interest rates work, how raising or cutting the official interest rate affects borrowing, saving, spending, inflation and growth, and how monetary policy compares with fiscal policy.
12 min answer →

Who counts as unemployed, why does it happen, and why does it matter so much to the economy?

Explain unemployment and how it is measured, the main types and causes of unemployment, and its effects on individuals, the government and the economy.
A CCEA GCSE Economics answer on unemployment, covering its definition and measurement, the unemployment rate, the main types and causes of unemployment including cyclical, structural, frictional and seasonal, and its effects on individuals, the government and the wider economy.
12 min answer →