Differentiate between imports and exports.
Understand the Problem
The question is asking to differentiate between imports and exports, which involves explaining the concepts and providing their definitions.
Answer
Exports are goods sold abroad; imports are goods bought from abroad.
Exports are goods sold to a foreign market, while imports are foreign goods purchased in a domestic market.
Answer for screen readers
Exports are goods sold to a foreign market, while imports are foreign goods purchased in a domestic market.
More Information
Exports bring money into a country, boosting the economy, while imports allow access to goods not produced domestically.
Tips
Confusing the direction of the transaction can lead to mixing up imports and exports. Remember that exports leave and imports enter the country.
Sources
AI-generated content may contain errors. Please verify critical information
