unit seven key words

open economy

an economy that allows the flow of goods, capital and labour across its border, firms in an open economy trade their goods internationally

exporting

businesses sell good and services abroad, Ireland earns money off trade, positive figure in the balance of payments

importing

businesses purchase goods from abroad, money is leaving Ireland, negative figure in the balance of payments

visible exports

goods sold by Irish businesses abroad, injection of money into the economy

visible imports

goods are purchased by Irish businesses abroad, leakage of money from he economy

invisible exports

single European market

there is no fiscal barriers to trade between members and with free movement of goods, capital and labour, each country can trade In another members state as it is is there own

European commision

main body responsible for day to day running the EU it is responsible for proposing and implementing new EU laws and the EU budget

council of the European Union

this institiuiton constricts of relevant member states ministers to vote on and legislate new EU law and the EU budget

court of auditors

monitors all EU budgets are spent in an appropriate and efficient manner by all member states that has received a grant and for the purpose intended

european court of justice

the court ensures EU law are obeyed in member nations and are implented correctly

directives

a law that each member state must implement but each government is free to decide the manner of the law implementation (all 27/not immediate)

regulations

law that will immediately come to force within all EU states and take preference over national laws simultaneously they are self executing (al

EU decision

are laws that are binding on specific

lobbying

a special interest group trying to influence