Photo AI
Question 3(A)
The Irish economy is 'performing well' but Brexit poses a threat. Source: Financial Times, December 2016 Invisible Exports: €101,750 million Total Exports: €194,366... show full transcript
Step 1
Answer
A tariff is a charge or tax applied to imported products, aimed at persuading consumers to purchase domestically produced goods or to restrict goods from another country.
If the UK Government were to impose a tariff on Irish goods, it could lead to a few significant effects on the Irish economy:
Decrease in Exports: Companies in Ireland that export to the UK might experience a reduction in demand due to increased prices from tariffs, resulting in fewer exports.
Loss of Profits and Unemployment: Firms relying on exports could face decreased profits, leading to potential layoffs or reduced hiring. This would affect the job market, particularly in export-oriented sectors.
Balance of Trade Impact: Given that the Balance of Trade measures the difference between exports and imports, fewer exports to the UK could lead to a worsened Balance of Trade for Ireland, which might prompt firms to seek new markets to compensate for reduced trade with the UK.
Report Improved Results
Recommend to friends
Students Supported
Questions answered
Consumer Protection & Legislation
Business - Leaving Cert
Industrial Relations
Business - Leaving Cert
People in Business & Contracts
Business - Leaving Cert
Entrepreneurs & Enterprise
Business - Leaving Cert
Communication & I.T in Business
Business - Leaving Cert
Management Skills
Business - Leaving Cert
Business Accounts & Ratio Analysis
Business - Leaving Cert
HR Management
Business - Leaving Cert
Insurance
Business - Leaving Cert
Business, Government & the Economy
Business - Leaving Cert
Taxation
Business - Leaving Cert
Business Expansion
Business - Leaving Cert
Finance in Business
Business - Leaving Cert
Marketing
Business - Leaving Cert
Starting a Business/Business Planning
Business - Leaving Cert
Ethics & CSR
Business - Leaving Cert
NGO's and Community Development
Business - Leaving Cert
Sectors: Primary, Secondary, Tertiary
Business - Leaving Cert
Types of Business : Sole Trader etc.
Business - Leaving Cert
International Trade
Business - Leaving Cert
THE EU: Institutions & Policies
Business - Leaving Cert
2022 - ( UNITS 4,5 & 6)
Business - Leaving Cert
2023 - ( UNITS 5,6 & 7)
Business - Leaving Cert
Industrial Relations & Contracts
Business - Leaving Cert
People in Business
Business - Leaving Cert
Entrepreneurs and Enterprise
Business - Leaving Cert
Management Skills (Communication & ICT)
Business - Leaving Cert
Managment Skills & Activities
Business - Leaving Cert
Human Resource Management
Business - Leaving Cert
Managing Finances
Business - Leaving Cert
Starting & Expanding a business
Business - Leaving Cert
Categories of Industry
Business - Leaving Cert
Ethics in Business
Business - Leaving Cert
NGOs and Community Development
Business - Leaving Cert
Ownership Structures
Business - Leaving Cert
The EU: Institutions & Policies
Business - Leaving Cert
International Trade & Marketing
Business - Leaving Cert
What does this stand for ?
Business - Leaving Cert
Management Activities
Business - Leaving Cert
Management Change & TQM
Business - Leaving Cert
Global Business
Business - Leaving Cert
Marketing: Market Research & Market Segment
Business - Leaving Cert
Marketing The 4P's Product, Price, Place, Promote
Business - Leaving Cert
Enterprise
Business - Leaving Cert
Management Skills (Leading & Motivating)
Business - Leaving Cert
Management Activities (Plan, Organise, Control)
Business - Leaving Cert