What is Import?

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The word “import” is derived from the word “port,” since goods are often shipped via boat to foreign countries. Countries are most likely to import goods that domestic industries cannot produce as efficiently or cheaply, but may also import raw materials or commodities that are not available within its borders. For example, many countries have… Read more »

How do countries decide what to export?

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Most economists argue that countries produce and export goods in which they have an absolute or comparative advantage. Exporting is the act of producing goods or services in one country and selling or trading them to another country. The term export originates from the Latin words ex and portare, meaning to carry out. The counterpart… Read more »