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Economics 3 (Ireland and the EU (benefits to Ireland (exporters have free…
Economics 3
Ireland and the EU
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motto is United in diversity, this implies all member countries are working together to achieve peace and prosperity while still recognising different cultures, languages and traditions
Ireland is one of 28 members of EU, make up Single European Market, 18 make up eurozone
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aim of Single European Market is to have free movement of people, goods, services and capital between members
free trade between member countries, no restrictions placed on importing or exporting of goods between members
benefits to Ireland
exporters have free access to a market of over 493 million, helped substantially to increase IRish exports, 60% exports to Eu members
many non-EU companies located in Ireland to avail of free trade, very big investment and job creation in Ireland
received €37 million in grants and subsidies since joining, increased standard of living making more competitive country on international market
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Exports and Imports
exports are goods or services provided by the residents of a country that cause money to come into the country when sold
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Balance of Payments
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capital account
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net direct foreign investment is the difference between money invested in Ireland and money invested abroad
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