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Study Stack to help revise International Trade.

Visible Exports The sale of physical products (goods) to other countries. Example: Irish Beef
Invisible Exports The sale of a service to another country. Example: The Script performing in London, tourists coming to Ireland for ‘the Gathering’.
Visible Imports The buying of physical products from other countries. Example: Car, Oil, Coal.
Invisible Imports The purchase of a service from a foreign country. Example: • Irish people holidaying overseas. • Foreign music bands performing in Ireland. • Purchase of insurance from foreign company. • Giving foreign firms the contract to build our roads.
Trade The buying and selling of goods and services.
International Trade Buying goods and services from and selling goods and services to other countries.
Balance of Trade Visible Exports - Visible Imports
Balance of Payments Total Exports - Total Imports
The reasons Ireland imports goods and services. • Climatic conditions prevent the production of certain products. • Lack of natural resources prevents the production of some goods e.g. oil. • Lack of skills and tradition is a limiting factor in production. • A variety of goods and services.
Created by: egibbonsnotes



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