BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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buying goods from another country
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selling goods to another country
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only making one kind of product
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Detailed explanation-1: -The correct option is A. Import. The purchase of goods from a foreign country is called import.
Detailed explanation-2: -Imports are any resources, goods, or services that producers in one country sell to buyers in another country.
Detailed explanation-3: -Imports of goods (P71) consist of transactions in goods (purchases, barter, and gifts) from non-residents to residents. Imports of goods occur when economic ownership of goods changes between residents and non-residents. This applies irrespective of corresponding physical movements of goods across frontiers.
Detailed explanation-4: -What Is an Import? An import is a good or service bought in one country that was produced in another. Imports and exports are the components of international trade. If the value of a country’s imports exceeds the value of its exports, the country has a negative balance of trade, also known as a trade deficit.
Detailed explanation-5: -Exporting refers to the selling of goods and services from the home country to a foreign nation. Whereas, importing refers to the purchase of foreign products and bringing them into one’s home country.