ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Imports are the goods and services that are purchased from the rest of the world by a country’s residents, rather than buying domestically produced items. Imports lead to an outflow of funds from the country since import transactions involve payments to sellers residing in another country.

Detailed explanation-2: -Imports are foreign goods and services bought by citizens, businesses, and the government of another country.

Detailed explanation-3: -India’s top import products contain Mineral fuels including oil, Gems, precious metals, Electrical machinery, equipment, Machinery including computers and Organic chemicals. Several foreign trade markets are majority dependent on India for importing specific goods from several growing countries.

Detailed explanation-4: -Imports of goods and services (P7) consist of transactions in goods and services (purchases, barter, and gifts) from non-residents to residents. Imports of goods occur when economic ownership of goods changes between residents and non-residents.

Detailed explanation-5: -Imports can be finished products, like cars, TV sets, computers, or sneakers, or they can be raw materials, such as zinc, oil, wood, or grains. They can also be services, like financial services, travel services, and insurance. Imports are a vital part of the U.S. and global economy.