ENTREPRENEURSHIP

Detailed explanation-1: -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.

Detailed explanation-2: -International trade is an exchange involving a good or service conducted between at least two different countries. The exchanges can be imports or exports. An import refers to a good or service brought into the domestic country. An export refers to a good or service sold to a foreign country.

Detailed explanation-3: -Exports are goods that are sold in a foreign market, while imports are foreign goods that are purchased in a domestic market. Exports and imports are important for the development and growth of national economies because not all countries have the resources and skills required to produce certain goods and services.

Detailed explanation-4: -Importing involves bringing products or services into a country for sale that have been made elsewhere. U.S. companies that buy products overseas and ship them into the United States for sale, or as part of a product that is being assembled in the United States, are importing.

Detailed explanation-5: -In global trade, exporting is the process by which companies from one country sell their goods and services to companies or consumers in a different country.