List three examples of goods / services that are imported into Ireland - Leaving Cert Business - Question D - 2019
Question D
List three examples of goods / services that are imported into Ireland.
1. Oil
2. Cars
3. Fruit
Outline three reasons why goods or services are imported into Irela... show full transcript
Worked Solution & Example Answer:List three examples of goods / services that are imported into Ireland - Leaving Cert Business - Question D - 2019
Step 1
List three examples of goods / services that are imported into Ireland.
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Answer
Oil
Cars
Fruit
Step 2
Outline three reasons why goods or services are imported into Ireland.
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Answer
Reasons for Importing Goods and Services
Production: Certain products cannot be produced in Ireland, such as oil, due to lack of natural resources.
Climate: The Irish climate is not suitable for growing various types of crops, such as tropical fruits.
Consumer Choice: Consumers have a desire for a diverse range of products, wanting options beyond domestic offerings.
Step 3
Explain the term exports and provide one example.
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Exports refer to goods and services that are produced within a country and sold to consumers in another country. For example, medical devices, pharmaceuticals, or dairy products that are shipped to foreign markets.
Step 4
Using the figures above, calculate the Balance of Payments for the month of January 2019. Show your workings.
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Answer
To calculate the Balance of Payments:
Balance of Payments = Total Exports - Total Imports
Balance of Payments = €13,703 million - €6,520 million
Balance of Payments = €7,183 million.
Step 5
State whether it is a surplus or deficit.
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The result is a surplus of €7,183 million.
Step 6
Name three European Union countries that Ireland trades with.
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France
Germany
Italy
Step 7
Explain the term tariff.
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A tariff is a tax imposed on imported goods and services. It is used by governments to regulate trade, often to encourage domestic consumption of home-produced goods by making foreign products less competitive in price.
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