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State two benefits of EU membership for Irish business: (i) (ii) - Leaving Cert Business - Question 4 - 2010
Question 4
State two benefits of EU membership for Irish business: (i) (ii)
Worked Solution & Example Answer:State two benefits of EU membership for Irish business: (i) (ii) - Leaving Cert Business - Question 4 - 2010
Step 1
(i) Common Currency
Answer
One significant benefit of EU membership for Irish business is the adoption of a common currency, the euro. This facilitates easier trade and travel among member states, reducing currency exchange costs and risks. As a result, Irish businesses can interact more seamlessly with partners and customers across the Eurozone.
Step 2
(ii) Free Trade
Answer
Another benefit is the establishment of free trade among EU member countries. This means no government duties on the movement of goods and services, allowing Irish businesses to export to a large market without facing additional costs. This boosts competitiveness and provides opportunities for expansion into new markets, thereby enhancing growth potential.