CHAPTER 35 – INTERNATIONAL TRADE AND GLOBALISATION tsio 1. Copy and fill in the blanks.
a. Goods and services bought from other countries are ___________.
b. Goods and services sold to other countries are ___________.
c. The trade of goods is known as ___________ trade.
d. The trade of services is known as ___________ trade.
e. The difference between the value of a country’s visible imports and visible exports is called balance of ___________.
f. The difference between the value of a country’s total (visible and invisible) imports and total exports is called balance of ___________.
g. A ___________ is a limit on the quantity of goods produced.
2. Name two visible imports and two invisible imports to Ireland.
3. Name two visible exports and two invisible exports from Ireland.
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4. Explain how the following newspaper headline will impact the Irish economy.
PHARMA EXPORTS HIT RECORD HIGH
5. Outline three benefits and three challenges of global trade to Ireland.
6. Explain the difference between a tariff and an embargo.
7. Henry Kelly is an Irish entrepreneur. His company Smooth Operator Ltd makes a range of organic smoothies. He has enjoyed success in the Irish market and now Henry is thinking of taking his product to a new level by exporting it to foreign markets.
Advise Henry about the opportunities and challenges of exporting his smoothies.
8. Outline three benefits and three drawbacks to a country when a global business begins operating there.
