Foreign Trade

Question 1

Importing

Answer 1

The purchase of goods and services from other countries for sale in Ireland
*The money leaves the country

Question 2

Exporting

Answer 2

When irish goods and services are sold to other countries

*Ireland receives the money

Question 3

Visible trade

Answer 3

The import and export of physical goods e.g. Cars, food, clothes, computers, ect.

Question 4

Invisible trade

Answer 4

The import and export of services e.g. Holidays, insurgence, concerts

Question 5

Foreign trade

Answer 5

The sale of products and services from one country to another country is referred to as foreign trade

Question 6

Balance of trade

Answer 6

Visible exports - visible imports

Question 7

Balance of payments on current account

Answer 7

The difference between the total exports and the total imports of a country
Total exports - total imports

Question 8

Import substitution

Answer 8

The purchase of irish made goods instead of foreign imports

Question 9

Exchange rate

Answer 9

The quantity of a foreign currency that can be bought or sold for one euro.