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Chp17
Foreign Trade
Term | Definition |
---|---|
Importing | the buying of goods and services from other countries for sale in Ireland |
Exporting | when Irish goods and services are sold to other countries. |
Visible trade | the import or export of physical (visible) goods. |
Invisible trade | the import or export of services |
Import substitution | the purchase of Irish-made goods instead of foreign imports. |
Exchange Rate | the quantity of a foreign currency that can be bought or sold for one euro. |
Balance of Trade | the difference between the visible exports and the visible imports of a country. |
Balance of Payment | the difference between total exports (visible+invisible) and total imports (visible+invisible) |