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Transcript of Exchange Rates
An import is goods or services being brought into a country from abroad. These items or products are usually like cars, food and clothing.
Currency is money and people use this to purchase these goods or services. In different places of the world the currency tends to change, depending on where you are in the world depends on what currency you use.
For example in the USA they use the U.S Dollar and in the UK they use the currency Sterling.
Working Out Exchange Rates
To change to a currency you multiply the amount by the rate.
To change back you divide the amount by the rate.
So if you wanted to change £500 in to dollars then you multiply £500 against the rate, to see how many dollars you would get.
So then if you wanted to change say $600 back to sterling then you would have to divide it by the exchange rate.
UK Exporters: Its bad because exporting is expensive and sales are low.
UK Tourism: Its bad because it is expensive so tourism will go down.
UK Businesses: Its bad because they can get imports cheaper than buying from a company in their country so they may not buy from that business.
UK Importers: Its good because its cheap so people will use more.
An export is selling goods or services to other countries, which are abroad.
Imports & Exports
When the pound is weak the opposite happens, imports will be dearer and exports will be cheaper.