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 5.3 International Trade & Competitiveness

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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


Resources

International Trade - SQ
International Trade - Lq
International Trade Notes

Solutions

2002 Q6
2005 Q5
2008 Q5
2011 Ec Q6

Videos

Comparative Advantage - 60 Seconds
Trade and Comparative Advantage

Why restrict trade?
Methods to restrict trade
Balance of Payments
World Trade Organisation
Trading Blocs
WTO - Noam Chomsky's View
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