Imports

Definition

Imports refer to goods and services that are bought from foreign countries and brought into a domestic economy. In other words, they are products that are produced in another country and purchased by consumers or businesses in your own country.

Related terms

Trade Deficit: This term refers to the situation when a country's imports exceed its exports, leading to a negative balance of trade.

Protectionism: Protectionism involves implementing measures like tariffs or quotas to protect domestic industries from international competition.

Comparative Advantage: Comparative advantage is when a country can produce a good or service at a lower opportunity cost than other countries. It helps determine which goods should be imported or exported.