International Trade (Leaving Cert Business): Flashcards

Exchange of goods between countries

Buying goods from abroad

Selling goods to a foreign country

Countries don't have certain resources needed for production

Climate not suitable for producing certain goods (e.g. crops)

Don't have technical skills for high-tech/specialised products

Provides wider variety of products & options for consumers

Crucial for small domestic markets; achieves economies of scale

Access more customers; increase sales & revenue growth

Diversify markets; reduce dependence; mitigate economic risks