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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 |