Foreign Trade Word Scramble
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Term | Definition |
Importing | The purchase (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 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 | visible exports - visible imports |
Balance of Payments | total exports - total imports |
Foreign trade | The sale of goods and services from one country to another |
European Union | Ireland joined in 1973 |
Enterprise Ireland | State agency that helps firms that wish to get involved in foreign trade |
French currency | euro |
Danish currency | Krone |
Japanese currency | Yen |
US currency | Dollar |
divide by the 'we buy' rate | To change a foreign currency back into euro |
multiply by the 'we sell' rate | To change euro into a foreign currency |
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