International Trade Flashcards
1
Q
Visable imports
A
Goods which can be seen coming into the country and money leaving Ireland can be measured
2
Q
Invisible Imports
A
-nothing can be seen coming into the country, but money leaving Ireland can be measured
3
Q
Import substitution
A
-This is where we should try to replace getting imports with using Irish company goods
-eg. French wine-> Irish wine,
Daily mail-> Irish times
Stena Lines-> Irish ferries
BBC-> RTÉ
4
Q
Reasons for importing goods
A
- climate isn’t suitable to make products
- shortage of natural resources
- goods aren’t available in the country
5
Q
Reasons to export
A
- to produce goods other countries cannot produce eg. Intel’s computer parts
- for Irish firms to make a profit
6
Q
Balance of Payments
A
- The difference between the total flow of money coming into Ireland and leaving Ireland
- made of two parts (i) Balance of Trade
(ii) Balance of Inviable Trade
7
Q
Balance of trade
A
Visable exports minutes visable imports
8
Q
Problems/ Barriors to International Trade
A
- language
- transport cost
- increased Goods In Transit cost
- different specifications/restrictions in some countries
- currencies
9
Q
Bank sells rate
A
Multiply
10
Q
Bank buys rate
A
Divide
11
Q
Importing
A
Buying/bring in goods or services from abroad
