Junior Cert Business Studies - EU and International Trade Flashcards

EU Overview

• EU: Stands for European Union.

Single Market

• Definition: An area where goods, services, people, and capital can move freely between EU countries.
• Benefit: No tariffs on goods traded between member countries, which facilitates easier and cheaper trade.

Tariffs

• Definition: A tariff is a tax imposed on imports, making imported goods more expensive compared to local products.

Trade Terminology

• Export: Selling goods or services to another country.
• Import: Buying goods or services from another country.

Reasons for Importing Goods in Ireland

• Products not produced locally: Ireland may import goods that cannot be produced domestically.
• Cost-effectiveness: Sometimes importing goods can be cheaper than producing them locally.

Benefits of International Trade

• Wider Market Access: International trade allows Ireland to reach a larger audience for Irish products, benefiting local businesses.

EU Currency

• The currency most commonly used by EU countries is the Euro (EUR).

Ireland's EU Membership

• Joined EU: Ireland became a member of the EU in 1973.

EU's Impact on Business

• True or False: The EU complicates Irish businesses' ability to trade abroad. (Answer: False)
• True or False: The EU contributes to job creation through trade and funding. (Answer: True)