Study the bar chart below, which illustrates a country's visible trade from May to August 2017 - Leaving Cert Business - Question 5 - 2018
Question 5
Study the bar chart below, which illustrates a country's visible trade from May to August 2017.
Visible Trade May - August 2017
Exports Imports
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Worked Solution & Example Answer:Study the bar chart below, which illustrates a country's visible trade from May to August 2017 - Leaving Cert Business - Question 5 - 2018
Step 1
Name the month which had the highest level of visible exports.
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Answer
The month which had the highest level of visible exports is May.
Step 2
Name the month which had the largest balance of trade.
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Answer
The month which had the largest balance of trade is August.
Step 3
Explain the term import substitution.
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Answer
Import substitution refers to a trade policy that replaces imports with domestically produced goods/services. This encourages local manufacturers to produce goods that were previously imported.
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