5.3 International Trade & Competitiveness

Need to Know

At the end of this section the student should be able to:

investigate and analyse patterns in Irish trade in terms of quantity and types of goods and services over a period of time; assess the benefits and costs of trade on the Irish economy
describe the main components/the basic composition of Ireland’s balance of payments account
discuss the factors that determine a country’s competitiveness
explain the principle of comparative advantage and its role in determining competitiveness
discuss the arguments in favour of international trade, trade protection and the fair trade movement
discuss the determinants of exchange rates; analyse the effects of changes in exchange rates on the Irish economy
examine the role and effectiveness of trade agreements and global institutions in the operation and management of international trade