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Chp17

Foreign Trade

TermDefinition
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)
Created by: dkeenaghan
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