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Foreign Trade
Key terms
| Term | Definition |
|---|---|
| Importing | buying goods and services from other countries for sale in Ireland |
| Exporting | selling of Irish goods and services in other countries |
| Foreign Trade | buying and selling of goods between countries |
| Visible Imports | physical goods that Ireland buys from other countries e.g. oil |
| Invisible Imports | services that Ireland buys from other countries e.g. going on holiday abroad |
| Visible Exports | goods that Ireland sells to other countries e.g. dairy products |
| Invisible Exports | services that Ireland sells to other countries e.g. Americans on holidays in Ireland |
| Free trade | eliminating barriers to trade such as embargoes, quotas, tariffs |
| Quotas | allowing a certain amount of a good in to a country |
| Embargoes | complete ban on products or products from a certain country |
| Tariffs | tax on imported goods and services |
| Balance of Trade | Visible Exports minus Invisible exports |
| Balance of Payments | Total Exports minus Total Imports |
| Total Exports | Visible plus Invisible exports |
| Total Imports | Visible plus Invisible imports |
| Exchange Rates | quantity of a foreign currency that can be bought or sold for one euro |
| Import substitution | purchase of Irish-made goods instead of foreign imports |
Created by:
MsBradyJCBSTU
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