Junior Cert Business Studies - EU and International Trade Flashcards

A collection of vocabulary flashcards covering key concepts in the topic of EU and International Trade.

EU

European Union

Single Market

An area where goods, services, people, and capital can move freely between EU countries.

Benefit of the Single Market

No tariffs on goods traded between member countries.

Tariff

A tax on imports.

Export

Selling goods or services to another country.

Import

Buying goods or services from another country.

Reason for importing goods in Ireland

To get products it cannot produce itself or to access cheaper goods.

Benefit of international trade for Ireland

Access to a wider market for Irish products.

Currency used by most EU countries

The Euro (EUR)

Year Ireland joined the EU

1973

True or False: The EU makes it harder for Irish businesses to trade abroad.

False

True or False: The EU helps create jobs through trade and funding.

True