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GCSE Business · key term
A good or service sold to a customer in another country.
Used by AQA, Edexcel and OCR
Paper 1, Paper 2
Revise: UK Businesses Competing InternationallyIf economic conditions worsen in an overseas market, customers there may buy fewer UK exports. A business can therefore be affected by a downturn even when conditions in the UK have not changed in the same way.
Specification 1.5.4, 2.1.3 · Paper 1, Paper 2
A good or service sold to another country.
Revise: The Economy and BusinessImports priced in that currency become cheaper in pounds. However, a UK product with an unchanged pound price becomes more expensive for overseas customers, which may reduce export demand.
Paper 2
Revise: Concept of GlobalisationImports are goods and services bought from another country; exports are goods and services sold to another country.
Apply each point to the business in the question: does it export, buy overseas supplies or face competition from imports?
Identify whether the business imports, exports or does both, and state which currency is appreciating or depreciating.
Use conditional conclusions: cheaper exports may increase sales, but higher imported-material costs could offset the benefit.
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