International Trade, Eu & Globalisation 3.7 & 3.8
Need to Know
31. Define an import.
32. Define an export.
33. Outline some difficulties face by Ireland when they export.
34. Distinguish between visible and invisible exports and imports.
35. Explain four ways in which Ireland benefits from international trade.
36. Name four items that Ireland imports and exports.
37. Name two services that we import and export.
38. Identify Ireland’s main trading partners.
39. Explain why exchange rates are so important in International trade.
40. What is meant by the term rate of exchange?
41. Convert one currency to another.
42. Why does being a member of the euro sometimes make it easier to trade?
43. Distinguish between the Balance Of Trade and the Balance of Payments.
44. Draft a simple balance of trade and a simple balance of payments for a country.