ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -IMPORTS: Goods and services produced by the foreign sector and purchased by the domestic economy. In other words, imports are goods purchased from other countries.

Detailed explanation-2: -Imports are the goods and services that we buy from people in other countries and exports are the goods and services that we sell to people in other countries.

Detailed explanation-3: -The purchase of goods from a foreign country is called import.

Detailed explanation-4: -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: -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.