Discuss the opportunities provided by international trade for Irish business. - Leaving Cert Business - Question 3(A) - 2007
Question 3(A)
Discuss the opportunities provided by international trade for Irish business.
Worked Solution & Example Answer:Discuss the opportunities provided by international trade for Irish business. - Leaving Cert Business - Question 3(A) - 2007
Step 1
Access to larger markets
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Answer
International trade allows Irish businesses to reach customers beyond their local markets. By exporting goods and services, they can tap into larger consumer bases in foreign countries, increasing sales and revenue potential.
Step 2
Economies of scale
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Answer
Participating in international trade enables Irish firms to achieve economies of scale. By producing for a larger market, businesses can lower their per-unit costs as they increase production, leading to more competitive pricing.
Step 3
English, a trading language
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As a predominantly English-speaking country, Ireland benefits from the linguistic advantage that facilitates easier communication in international business. This eases negotiations and cultivates stronger relationships with global partners.
Step 4
EU membership
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Being part of the European Union provides Irish businesses with access to the European single market. This membership eliminates tariffs and trade barriers between member states, promoting smoother trade relations.
Step 5
Highly-skilled workforce
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Ireland possesses a highly-skilled and educated workforce, which is attractive to international companies looking to invest or trade. A skilled workforce enhances productivity and innovation, benefiting businesses involved in international trade.
Step 6
Green image
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Ireland's reputation as a leader in sustainable practices can enhance its attractiveness in international markets. Businesses that emphasize eco-friendly practices may appeal to environmentally conscious consumers globally, providing a competitive edge.
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