ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Import
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Export
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Interdependance
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Surplus
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Detailed explanation-1: -Goods and services produced in one country but supplied to buyers in another are known as exports. International trade is made up of exports and imports. Exports are critical to market democracies because they provide people and businesses with access to a larger market for their products.
Detailed explanation-2: -Export refers to a product or service produced in one country but sold to a buyer abroad. Exports are one of the oldest forms of economic transfer and occur on a large scale between nations.
Detailed explanation-3: -In macroeconomics, trade usually refers to international trade, the system of exports and imports that connects the global economy. A product sold to the global market is an export, and a product bought from the global market is an import.
Detailed explanation-4: -When buying and selling of goods take place across the national boundaries of different countries it is called External trade. It is also known as Foreign trade or International trade.