Specialisation/Trade Eval

• What products does Ireland produce due to its climate and land?

  Cheese, butter, and dairy products
• How did China attain a comparative advantage in electronics?

  Through an abundance of cheap labor
• What is the beauty of trade for Ireland's dairy products?

  It allows exports to expensive markets
• How does trade benefit producers and consumers?

  Producers get higher prices, consumers lower prices
• What compensates for declining industries in exporting countries?

  The net gains from trade
• What sectors are currently cooperating between Ireland and China?

  Tourism, education, trade, and investment
• What was the value of Irish food exports to China last year?

  €758 million
• What percentage of the Chinese market do Irish dairy exports capture?

  13 percent
• What significant access did Ireland gain in the Chinese market last year?

  Access as the first EU beef exporter
• What does the lack of direct flights from Beijing to Dublin indicate?

  Trade contributes to cordial ties
• How do lower production costs and opportunity costs maximize world output?

  By utilizing available resources efficiently
• What is a risk of over-specialization in a country?

  Increased vulnerability during abnormal times
• Why should developing countries avoid specializing in low value-added goods?

  To prevent fluctuations in foreign exchange earnings
• What are the advantages and disadvantages of specialization in trade?

  Advantages:

  • Increased efficiency in production
  • Higher quality goods
  • Better prices for consumers

  
  

  Disadvantages:

  • Vulnerability to market fluctuations
  • Risk during global disruptions
  • Dependence on specific industries