Economics is a form of social science which studies the behavior of producers, consumers, and government of a country who interact with each other to exchange goods and services for money. Economics determines the financial position of individuals and countries at the national and global level.
Some of the different topics covered in Economics are -
1. Laws of Demand and Supply - Demand refers to the quantity of commodity which consumers are willing to purchase at a given price. Supply refers to the quantity of commodity which the producer is willing to sell at a given price.
2. National Income and GDP- National Income determines the level of income earned by all the individuals of a country. GDP refers to the value of products produced in a country.
3. Price elasticity- Refers to the change in quantity demanded with respect to change in price.
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Introduction Energy industries are referred to as those industries which keep on creating and delivering energy. It includes the production of coal, biomass, geothermal energy, electricity, tidal energy, wind energy, solar energy, nuclear energy and some more. Major industries that are important are the ones that produce power with the help of fossil fuels (Investopedia, 2018). Regulation has a major role to play in the energy sector. It acts as a guarantee to create a balance in the country. It allows the government to achieve its objectives, it helps the consumers and the private players to realize their interests in an unbiased and transparent way. The government aims to assure that the policies it sets up is realized, the consumers, on the other hand, want to be sure that a safe and decent service would be delivered to them, whereas the private investors require a set of framework which allows them to produce and supply in a manner that they are able to gain a fair return (Banks, 2010).
The Irish Economy in the last decade has been through all types of economic cycles, be it a recession, depression, recovery or boom. From the declining phase in 2008 to the tremendous growth phase in 2015, Ireland has seen it all. In the assignment, we are going to discuss some of the major economic indicators which constitute the Irish Economic System and how well they have been able to sustain the economy over the last ten years. Apart from the indicators, an overview of the global financial crisis and how it affected the economy of Ireland would be the center of discussion. The policy measures being taken by the government in order to cope with the weakening economy. The fiscal and monetary policies are of utmost importance, also a comparison of the economic indicators before and after the crisis would be discussed. An assessment of the Irish economy would give us a clearer view about the global crisis and how Ireland survived and then grew to be back on track would conclude our discussion.