Chapter 39: International Trade and Globalisation

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51 Terms

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International trade
Buying and selling goods/services between countries.
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Example of international trade?
Ireland exports beef to France and imports cars from Germany.
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Global business
A company operating in multiple countries.
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Example of a global business?
Ryanair operates flights across Europe.
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Globalisation
The increased connection of economies through trade, investment, and technology.
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Example of globalisation?
Irish companies like Kerry Group sell food ingredients worldwide.
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Exporting
Selling goods/services to another country.
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Example of exporting? -USA

Irish dairy products like Kerrygold butter are sold in the USA.
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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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Visible trade
Trade of physical goods.
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Visible exports
Goods sold to other countries.
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Example of visible exports?
Irish whiskey brands like Jameson are exported globally.
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Visible imports
Goods bought from other countries.
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Example of visible imports?
Ireland imports electronics like iPhones from China.
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Invisible trade
Trade of services.
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Invisible exports
Services sold to other countries.
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Example of invisible exports?
Irish tech companies like Stripe provide payment services worldwide.
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Invisible imports
Services bought from other countries.
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Example of invisible imports?
Irish businesses use cloud computing services from US-based companies like Microsoft.
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Trade barriers
Policies that restrict trade.
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Tariff
A tax on imports to make them more expensive.
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Example of a tariff?
The EU may impose tariffs on non-EU agricultural products to protect European farmers.
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Quota
A limit on the number of imports allowed.
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Example of a quota?
The EU could set a quota on non-EU steel imports to protect European manufacturers.
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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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Subsidy
Government financial support to help domestic businesses compete.
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Example of a subsidy?
Irish farmers receive EU subsidies under the Common Agricultural Policy (CAP).
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Deregulation
Reducing government rules to encourage business competition.
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Example of deregulation?
Ireland deregulated the airline industry, leading to the rise of Ryanair.
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Balance of trade
The difference between the value of visible exports and visible imports.
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Example of balance of trade?
Ireland has a trade surplus because it exports more pharmaceuticals than it imports.
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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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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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What is Enterprise Ireland?

A government agency that supports Irish businesses in exporting.
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Example of Enterprise Ireland’s work?
Enterprise Ireland helps Irish start-ups expand internationally, like Gym+Coffee selling clothing abroad.
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Free trade
Trade without restrictions like tariffs or quotas.
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Example of free trade?
Ireland benefits from free trade within the EU, making it easy to sell goods to France and Germany.
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Global marketing (4Ps)

Product, price, place promotion

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Product
What is being sold.
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Example of product marketing?
Guinness beer is marketed worldwide.
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Price
How much it costs.
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Example of price strategy?
Ryanair offers low-cost flights to compete globally.
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Place
Where it is sold.
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Example of place strategy?
Primark (Penneys in Ireland) has stores in multiple countries.
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Promotion
How it is advertised.
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Example of promotion strategy?

Tourism - Ireland markets Ireland as a travel destination internationally.

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Economies of scale
Cost savings when businesses produce more, lowering the cost per unit.
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Example of economies of scale?
Irish dairy farms benefit from economies of scale by producing large amounts of milk at a lower cost.
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