• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Importing Goods.

Extracts from this document...


Importing Goods A company is always looking to get the best value for money. When a business buys supplies from other businesses, it wants to buy at the lowest products. It also wants goods that are of the right quality and which can be delivered at the right time to satisfy the customers. Although a British company can provide these goods, a foreign company could offer the best value for money. Fit- for- Life will need to pay the foreign company upon receiving the delivery. This becomes an IMPORT for the UK. It is an imported good because a British company is buying a physical product from a foreign company. Exchange Rates A French business is likely to pay for its supplies in Euros, however a British business is likely to pay for its imports in pounds starling. ...read more.


The price of a 19,090 WON Carbrini hoodie could fall from �10 to �07.63 (19,090 WON -- 2,500 WON). As a result imports should therefore increase. The Government The government can help businesses deal with foreign companies by: > Subsidising exports- meaning to give a grant for each export sold, allowing businesses to charge lower prices and win more orders. > Imposing tariffs on imports- tariffs (Custom Duties) are taxes on imported goods, making them expensive. > Impose quotas on imports- a quota is a limit on the number if goods coming into the country over a year. > Try to push down the value of the pound, which will make the price of imports more expensive and the price of exports to foreigners cheaper However there is a limit as to what and how much the British government can do. ...read more.


You should determine the route instructions and airport of arrival- Standard Shipping Note 6) Release - Air way Bill 7) Pass Customs entry, paying duty where necessary. 8) Arrange collection and delivery By importing goods into the UK it shows that other countries can produce goods of better quality and at lower prices, this can allow a business to keep its expenditure at a small rate. It also means that a business relies on a foreign company to produce part or all of a product. More people from abroad are working for the UK, thus meaning that our own domestic workforce is limited, therefore more workers work abroad in foreign countries. Importing is a necessity for businesses to get the best possible deal and quality. By importing goods a company can make more profits, as the products would have been brought at the lowest price from the suppliers. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level UK, European & Global Economics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level UK, European & Global Economics essays

  1. Where does the World Trade Organisation fit in the overall scheme of international public ...

    Nevertheless, they have clarified procedural issues and brought about a better understanding of the legal texts. In addition, the process may have marginally improved the medium-term prospects for net liberalisation, in contrast to GATS commitments at the end of the Uruguay Round, which mostly did not go beyond the status quo in national policies.

  2. International Trade - I have been asked to investigate the possibility of a company ...

    With a tariff the impact of the tariff on the quantity imported by a company will depend on the price of elasticity of demand for imports. Tax will also be important to David Lloyds as their members will constantly pay a membership fee and some of the money will be

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work