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International trade - Coggle Diagram
International trade
2-Reasons for trading with foreign countries
choice for consumers- nice cars
cant make them here- fruit
creates wealth -stripe
dont have the resource- oil
create jobs in Ireland - Intel
Develops good relations between people
1
-Difference between exports and imports
:
Imports are ?
Visible are goods we buy from foreign countries
Invisible are services we buy from buy from foreign countries
Exports are ?
Invisible are services foreigners buy from ireland
...
4-What are Ireland's main exports and Imports?
Imports
vehicles
food and drink
oil
technology
clothes
Exports
pharmacueticals
food and drink
computer software
agricultural produce
5-Calculating value of exports and Imports.
Balance of Trade
Difference between the value of visible exports and imports
Balance of payments
Difference between total exports and imports
3-How foreign trade impacts on the circular flow of money in a country?
**
Exports.....increase our wealth by bringing in money
Imports decreases our wealth
6- what are the drawbacks to increased trade in the world?
countries with poor resources cant compete
child labour to make goods cheaper
small businesses cant compete
Individuality of countries being lost
destruction of environment
Monopolies can occur