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Trade
Study Stack to help revise International Trade.
| Question | Answer |
|---|---|
| Visible Exports | The sale of physical products (goods) to other countries. Example: Irish Beef |
| Invisible Exports | The sale of a service to another country. Example: The Script performing in London, tourists coming to Ireland for ‘the Gathering’. |
| Visible Imports | The buying of physical products from other countries. Example: Car, Oil, Coal. |
| Invisible Imports | The purchase of a service from a foreign country. Example: • Irish people holidaying overseas. • Foreign music bands performing in Ireland. • Purchase of insurance from foreign company. • Giving foreign firms the contract to build our roads. |
| Trade | The buying and selling of goods and services. |
| International Trade | Buying goods and services from and selling goods and services to other countries. |
| Balance of Trade | Visible Exports - Visible Imports |
| Balance of Payments | Total Exports - Total Imports |
| The reasons Ireland imports goods and services. | • Climatic conditions prevent the production of certain products. • Lack of natural resources prevents the production of some goods e.g. oil. • Lack of skills and tradition is a limiting factor in production. • A variety of goods and services. |
Created by:
egibbonsnotes
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