International Business (LC 2027) (Leaving Cert Business): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
ShowHide
Practise the cards
10 cards from this deck
Visible trade
Visible trade
Importing/exporting physical goods you can see & touch
Invisible trade
Invisible trade
Importing/exporting services you cannot see or touch
Balance of trade
Balance of trade
Visible exports minus visible imports (goods only)
Balance of payments
Balance of payments
Total exports minus total imports (goods & services)
Trade surplus
Trade surplus
When a country earns more than it spends internationally
Trade deficit
Trade deficit
When a country spends more abroad than it earns from exports
EU membership benefit for Irish businesses
EU membership benefit for Irish businesses
Free access to over 400 million consumers across Europe
Why Ireland must import citrus & coffee
Why Ireland must import citrus & coffee
Irish climate not suitable for growing these products
Main transport challenge for Irish businesses
Main transport challenge for Irish businesses
Higher costs due to island location (air/sea required)
Irish firms' economies of scale challenge
Irish firms' economies of scale challenge
Difficult to compete with larger international corporations