A) List three examples of goods / services that are imported into Ireland - Leaving Cert Business - Question Question 1 - 2019
Question Question 1
A) List three examples of goods / services that are imported into Ireland.
B) Outline three reasons why goods or services are imported into Ireland.
C) Explain t... show full transcript
Worked Solution & Example Answer:A) List three examples of goods / services that are imported into Ireland - Leaving Cert Business - Question Question 1 - 2019
Step 1
List three examples of goods / services that are imported into Ireland.
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Answer
Oil
Cars
Fruit
Step 2
Outline three reasons why goods or services are imported into Ireland.
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Answer
1. Production
Ireland does not produce certain products; for example, tropical fruits and oil.
2. Climate
The Irish climate is not suitable for the growth of all products, such as bananas.
3. Consumer Choice
Consumers want a variety of products. They may seek out products that are not available locally or that offer better value.
Step 3
Explain the term exports and provide one example.
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Exports are goods and services sold by businesses based in Ireland to customers in other countries. Example: Medical devices produced in Ireland and sold to businesses in the UK.
Step 4
Using the figures above, calculate the Balance of Payments for the month of January 2019. Show your workings.
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Balance of Payments = Total Exports minus Total Imports
Balance of Payments = €13,703m minus €6,520m
Balance of Payments = €7,183m
Step 5
State whether it is a surplus or deficit.
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Surplus
Step 6
Name three European Union countries that Ireland trades with.
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France
Spain
Germany
Step 7
Explain the term tariff.
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A tariff is a tax placed on foreign products, which is enacted by the government to encourage consumers to purchase goods from domestic producers.
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