UNIT 21 Globalisation of Trade


Example 2


If French people holiday in Ireland, it is an invisible export. Why?


• Nothing physical leaves Ireland


• The French tourists come to Ireland with their money and they spend it in hotels, restaurants, shops, etc. which helps the Irish economy


Know It!


An export is money coming into the country.


EXAM PREPARATION!


State ‘visible imports and exports’ and ‘invisible imports and exports’. Explain each term with an example. Apply them to another unit.


Impact of Trade on Ireland’s Economy Know It!


Positive ‘impacts’ can also be called ‘benefits’ or ‘rewards’. Negative ‘impacts’ can also be called ‘challenges’ or ‘drawbacks’.


Think IT!


Think of your own example of a visible import and an invisible import.


P. 335


Go to page 335 of the activity book.


Positives of importing


1. Raw materials: There are certain raw materials that we don’t have in Ireland, for example oil.


2. Climate: Our climate isn’t suited to growing certain products, for example oranges.


3. Produce: We don’t produce certain products and so importing gives greater variety, for example cars.


4. Travel: Irish people like to travel and explore the world.


5. Technology: It is really easy to buy goods online and import goods from other countries.


Positives of exporting


1. Employment: Increased levels of production to service a larger market creates employment and reduces social welfare expenditure.


2. Taxation: As business profits increase, the amount of tax payable to the government increases.


3. Spread risk: Domestic businesses are not dependent on one market and so the risk is spread.


4. Larger markets: Businesses operating in international markets have access to larger markets, which increases a country’s exports to other countries.


419


STOP! WRITE IT!


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