Read the information supplied and answer the questions which follow - Leaving Cert Business - Question Question 1 - 2017

A tariff is a tax imposed on imports. It is designed to raise the prices of imported goods to encourage consumers to purchase domestic products. Tariffs can be a source of government revenue, but they can also lead to increased prices for consumers and reduced competition in the market.

1. Quotas: These are limits on the amount of a specific good that can be imported.
2. Embargoes: These are official bans on trade with specific countries or the exchange of specific goods.

1. Access to the Single Market: This allows Irish businesses to trade freely with other EU member states without tariffs or trade barriers, leading to increased market opportunities.
2. Funding for Infrastructure: Ireland can receive financial support from the EU for infrastructure projects, which can promote economic growth and development.

One disadvantage is the loss of sovereignty in certain areas, as EU regulations and directives must be followed, which may not always align with national interests.

A global business operates on an international scale, selling goods and services in multiple countries. These businesses often adapt their products to meet local needs while adhering to a global standard, ensuring that their offerings are competitive and relevant.

1. Coca-Cola
2. Apple Inc.

1. Language Difficulties: Misunderstandings can arise due to language barriers, affecting communication and negotiations.
2. Currency Exchange Risks: Fluctuations in currency can impact profit margins when operating in different countries.