gcse economics - international trade - exports and imports
EXPORTS
Goods and services sold to foreigners by UK firms. The money received will enter into the UK.
VISIBLE EXPORTS
Actual goods which are sold to foreigners by UK firms e.g. tables, TV’s, vehicles.
INVISIBLE EXPORTS
Services which are sold to foreigners by UK firms e.g. banking, insurance, tourism
IMPORTS
Goods and services bought by UK residents and firms from foreigners. The money paid will leave the UK and go into the foreign country.
VISIBLE IMPORTS
Actual goods and services bought by UK residents or firms e.g. tables, vehicles etc
INVISIBLE IMPORTS
Services bought by UK residents and firms e.g. banking and tourism.
BE CAREFUL
If a UK individual goes to Spain on holiday this is classed as an invisible
IMPORT. This is because the money is actually paid into Spain.
ACTION
A UK sells a table to France
B UK buys a car from Germany
C UK buys an insurance service from USA
D UK sells banking services to Korea
E A UK individual goes on holiday to Japan
F An Italian tourist visits the UK
These GCSE Economics revision notes have been kindly provided by Peter Davies of Mill Hill School, Ripley Keep Up-todate with your GCSE Economics - Subscribe Free to Economics in the News by Email
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