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51 Terms
1
International trade
Buying and selling goods/services between countries.
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2
Example of international trade?
Ireland exports beef to France and imports cars from Germany.
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3
Global business
A company operating in multiple countries.
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4
Example of a global business?
Ryanair operates flights across Europe.
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5
Globalisation
The increased connection of economies through trade, investment, and technology.
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6
Example of globalisation?
Irish companies like Kerry Group sell food ingredients worldwide.
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7
Exporting
Selling goods/services to another country.
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8
Example of exporting? -USA
Irish dairy products like Kerrygold butter are sold in the USA.
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9
Importing
Buying goods/services from another country.
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10
Example of importing - Norway
Ireland imports oil from Norway.
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11
Visible trade
Trade of physical goods.
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12
Visible exports
Goods sold to other countries.
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13
Example of visible exports?
Irish whiskey brands like Jameson are exported globally.
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14
Visible imports
Goods bought from other countries.
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15
Example of visible imports?
Ireland imports electronics like iPhones from China.
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16
Invisible trade
Trade of services.
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17
Invisible exports
Services sold to other countries.
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18
Example of invisible exports?
Irish tech companies like Stripe provide payment services worldwide.
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19
Invisible imports
Services bought from other countries.
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20
Example of invisible imports?
Irish businesses use cloud computing services from US-based companies like Microsoft.
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21
Trade barriers
Policies that restrict trade.
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22
Tariff
A tax on imports to make them more expensive.
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23
Example of a tariff?
The EU may impose tariffs on non-EU agricultural products to protect European farmers.
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24
Quota
A limit on the number of imports allowed.
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25
Example of a quota?
The EU could set a quota on non-EU steel imports to protect European manufacturers.
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26
Embargo
A total ban on trade with a country.
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27
Example of an embargo?
The EU imposed trade restrictions on Russia due to the Ukraine conflict.
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28
Subsidy
Government financial support to help domestic businesses compete.
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29
Example of a subsidy?
Irish farmers receive EU subsidies under the Common Agricultural Policy (CAP).
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30
Deregulation
Reducing government rules to encourage business competition.
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31
Example of deregulation?
Ireland deregulated the airline industry, leading to the rise of Ryanair.
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32
Balance of trade
The difference between the value of visible exports and visible imports.
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33
Example of balance of trade?
Ireland has a trade surplus because it exports more pharmaceuticals than it imports.
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34
Balance of payments
The difference between total money coming into a country (from exports and foreign investment) and total money leaving (from imports and investment abroad).
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35
Example of balance of payments?
Ireland has a strong balance of payments due to foreign companies like Apple investing in the country.
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36
What is Enterprise Ireland?
A government agency that supports Irish businesses in exporting.