ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Bartering
|
|
|
Specialization
|
|
|
Exports
|
|
|
Imports
|
Detailed explanation-1: -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.
Detailed explanation-2: -When the goods are imported from one country with the purpose of exporting it to another country, then such type of trade is called entrepot trade.
Detailed explanation-3: -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-4: -Imports are goods brought into the country from another country.
Detailed explanation-5: -The puchase or sale of goods across borders is called International trade.