Ireland and the Global Economy

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QUIZ FOR SUMMATIVE ASSESSMENT FOR UNIT 7 LCBUSINESS
megan murphy
Flashcards by megan murphy, updated more than 1 year ago
megan murphy
Created by megan murphy almost 8 years ago
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Question Answer
INTERNATIONAL TRADE REFERS TO THE BUYING (IMPORTING) AND SELLING (EXPORTING) OF DIFFERENT PRODUCTS BETWEEN COUNTRIES
IMPORTS GOODS/SERVICES BOUGHT FROM OTHER COUNTRIES. THEY CAN BE VISIBLE OR INVISIBLE
EXPORTS GOODS/SERVICES SOLD TO OTHER COUNTRIES. THEY CAN BE INVISIBLE OR VISIBLE
INVISIBLE IMPORTS/EXPORTS SERVICES BOUGHT OR SOLD FROM AND TO ABROAD
VISIBLE IMPORTS/EXPORTS PRODUCTS BOUGHT FROM OR SOLD TO ABROAD
BALANCE OF TRADE THE DIFFERENCE BETWEEN ALL VISIBLE IMPORTS INTO AND VISIBLE EXPORTS OUT OF A COUNTRY
BALANCE OF PAYMENTS THE TOTAL DIFFERENCE BETWEEN ALL THE FLOWS OF MONEY INTO AND OUT OF A COUNTRY IN A YEAR
FREE TRADE OCCURS WHEN TRADE BETWEEN COUNTRIES IS NOT RESTRICTED IN ANY WAY BY BARRIERS SUCH AS TARIFFS (IMPORT TAXES) OR QUOTAS
PROTECTIONISM REFERS TO BARRIERS IMPOSED BY GOVERNMENTS TO PREVENT FREE TRADE
TARIFFS TAXES ON IMPORTED GOODS
QUOTAS ESTABLISH A LIMIT ON THE QUANITIY OF CERTAIN GOODS THAT CAN BE IMPORTED
EMBARGOES BANS PREVENTING THE IMPORTATION OR EXPORT OF SPECIFIED GOODS
SUBSIDIES MONEY PAID BY THE GOVERNMENTS TO HELP FIRMS COVER THEIR OPERATING COSTS AND KEEP THEIR PRICES COMPETITIVE
TRADING BLOC A GROUP OF COUNTRIES THAT AGREE TO REMOVE PROTECTIONIST BARRIERS TO FREE TRADE BETWEEN THEMSELVES.
GLOBALISATION THE EMERGENCE OF THE WORLD AS ONE SINGLE INTERCONNECTED MARKETPLACE
TRADE MISSIONS OCCUR WHEN A GROUP OF BUSINESS PEOPLE VISIT A FOREIGN COUNTRY TO MEET WITH POTENTIAL CUSTOMERS AND DISTRIBUTORS AND TO NEGOTIATE DEALS AND SALES
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