Read the information supplied and answer the questions which follow - Leaving Cert Business - Question 3 - 2012
Question 3
Read the information supplied and answer the questions which follow.
Irish Agricultural based exports have increased by almost 12%, highlighting the importance of t... show full transcript
Worked Solution & Example Answer:Read the information supplied and answer the questions which follow - Leaving Cert Business - Question 3 - 2012
Step 1
Using the above information, calculate the Balance of Trade. (Show workings.)
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Answer
To calculate the Balance of Trade, we use the formula:
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Answer
The Balance of Trade is a surplus of €200 million.
Step 3
Explain the term 'visible export'.
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Answer
Visible exports refer to physical goods that are sold by Irish firms to customers in other countries. These exports contribute to income generated from foreign markets, as they involve the receipt of money or foreign currency into Ireland.
Step 4
Name two examples of Irish agricultural visible exports.
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Two examples of Irish agricultural visible exports are:
Beef
Butter
Step 5
Outline two benefits for Irish business engaged in International Trade.
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Larger market means more sales: Engaging in international trade allows Irish businesses to access larger markets, which can lead to increased sales beyond the confines of the domestic market.
Increased sales can lead to increased profits: With more sales, there is potential for higher profits, which can facilitate business growth and investment in further expansion.
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