What I may already know: • International trade involves trading with other countries. • Technology makes it easier to trade globally.
Learning Intentions
In this chapter, I will learn: • Ireland is an open economy. • An understanding of imports and exports. • The barriers to trade. • The benefits and challenges of global trade for Ireland. • The effects of global business on a country.
Key Words:
Open economy Imports Exports Visible trade Invisible trade
Balance of trade Balance of payments Tariff Quota
Embargo Subsidy Global trade Import substitution
WHAT IS AN OPEN ECONOMY?
In chapter 29, we learned that the Irish economy is a mixed economy, which means that both the government and citizens have ownership of economic resources.
The Irish economy is also an open economy. This means that people and businesses can trade (exchange) goods and services freely with other countries.
