GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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goods and services that are purchased from overseas businesses
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goods and services that are exported to overseas governments
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goods and services that are sold domestically to the household sector
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goods and services sold by local businesses to overseas consumers
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Detailed explanation-1: -An export is a good that is produced domestically but sold to a consumer overseas. Due to resource constraints, economic policy, and manufacturing strategies of each country, it sometimes makes more sense for countries to make goods to sell for revenue as opposed to retain for consumption. The World Bank.
Detailed explanation-2: -International trade is any legal exchange of goods and services between countries. When a business in one country exports goods or services to consumers in another country, it is called international trade.
Detailed explanation-3: -Exports of goods and services consist of transactions in goods and services (sales, barter, and gifts) from residents to non-residents. Exports of goods occur when economic ownership of goods changes between residents and non-residents.
Detailed explanation-4: -Exporting and importing goods is not just the core of any large, successful business; it also helps national economies grow and expand. Each country is endowed with some specific resources. At the same time, a country may lack other resources in order to develop and improve its overall economy.
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.