Chapter 35: Intl trade and Globalisation..Ms Twomey

Goods and services bought from other countries are known as I______

Goods and services sold to other countries are known as E______

The trading of GOODS is known as ________ trade.

• Visible

• Invisible

• Import

• Export

The trade of SERVICES is known as _________ trade.

• Visible

• Invisible

• Import

• Export

Visible Exports - Visible Imports = Balance of _____

Total Exports - Total Imports = Balance of ________

A Q____ is a limit on the quantity of goods produced.

Which one of the following is an example of a VISIBLE EXPORT?

• Dairygold butter sold in France

• Irish tourist on holiday abroad

• Irish coconuts sold in Ireland

An OPEN ECONOMY is an economy where goods and services are freely traded with other economies and countries.

• True

• False

Ireland is an example of which of the following?...multiple answers apply

• Planned economy

• Open economy

• Mixed economy

• Controlled economy