Are you in or out? (1)
The term given when Irish businesses sell products and services to foreign countries. The good/service leaves a country (exits) causing money to come in.
Exports or Exporting
The term given when Irish businesses and people BUY products and services from foreign countries. The good/service comes into (enters) a country causing money to go out.
Imports or Importing
When visible products that can be seen going in or out of the country, this type of trade is known as...
Visible Trade
The world becomes interconnected as a result of increased trade and cultural exchange. In effect, the world becomes one big marketplace. This process is known as...
Globalisation
SUPER BONUS QUESTION!
What is the best softball club in the world?
Navan Dragons
This type of trade involves importing and exporting. It is concerned with selling goods and services to, and buying goods and services from other countries.
International Trade
Give one reason why Ireland would choose to import
Having an unsuitable climate to produce certain goods, a lack of skills, or a lack of natural resources.
These imports and exports are tangible, meaning we can touch them. We can physically see these products and can therefor see the money going in and out of the country. What kind of imports/exports are they?
Visible Imports/Exports
Give one example of barriers to trade
Quota, Subsidy, Embargo, tariff, administration regulations
This type of trade involves the exchange of goods and services within a country. It is performing business transactions within the borders of a nation.
Domestic Trade
Give 3 examples of Irish Exports
Guinness, Jameson, Irish Beef, Irish Lamb, Barry's Tea, Lyons Tea, Kerrygold Butter, Tayto Crisps, Irish Pharmaceuticals, Irish Nationals Working Abroad (Labour)
Give 3 examples of Irish imports
Mangos, bananas, Gucci, Lamborghini, Canadian Maple Syrup, Tractors, Hyundai, Apple (iPhone), Samsung, etc.
Tourists using Irish hotels or acts like U2 and Niall Horan playing abroad are examples of what?
Invisible Exports
Give one reason why a country would export a product or service
Countries export to earn more money / Countries export in order to create employment in their own countries that would not otherwise be created / Countries export in order to sell off their surplus production. Selling the surplus goods abroad earns extra income for these countries / To bring in foreign currency that can be used for exports.
Give one example of an invisible trade
Tourism, Banking, Education, consultancy, insurance, etc.
What is the term given if visible exports are greater than visible imports?
Surplus
What is the term given if the visible exports are less than the visible imports?
Deficit
What is the equation for the 'Balance of Invisible Trade'?
The Balance of Invisible Trade = Invisible Exports - Invisible Imports
Give one reason why a country would import a product or service
Countries import to obtain raw materials not available in their own country that are needed by their domestic industries / Countries import to obtain capital goods (e.g. machinery) not available in their own country that are needed by their domestic industries / Countries import to obtain consumer goods that cannot be made, or cannot be made at a reasonable price, in their own countries- e.g. bananas in Ireland / The price is cheaper to import than it would be to make here.
If a country is having a deficit problem, how could a country correct their deficit?
Increasing Exports or Decreasing Imports