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International Trade

QuestionAnswer
What is Bartering? Swapping goods or services without the use of money.
What is trade? It is the exchange of goods & services between 2 parties in return for payment.
What is domestic trade? The exchange of goods and services within a country Eg Ireland.
What is international trade? It is the exchange of goods and services between people in Ireland and other counties, eg Ireland and the UK.
What are visible imports? These are physical things, such as oil or motor vehicles, that can be seen and measured.
What are invisible imports? These are services that cannot be seen or accurately measured, eg holidays by Irish people in foreign countries.
What are visible exports? These are physical things such as chemicals and medicines, that can be seen and measured.
What are invisible exports? Services that cannot be seen or accurately measured, eg holidays by foreign people in Ireland.
What is the balance of trade? This is the difference between visible exports and imports.
What is the balance of invisible trade? Difference between invisible exports and visible imports.
What is the balance of payments? The difference between total exports (visible and invisible exports) and total imports(visible and invisible imports).
What is the World Trade Organisation? This organisation consists of 161 countries and helps countries to sort out problems and to set out the rules of international trade.
What is the law of Comparative advantage? An individual, business or country should specialise in producing the goods they are most efficient at producing and should meet any other needs by purchasing goods from other individuals, businesses or countries that can produce these goods.
Created by: Bredadowling
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