Question

Explain the difference between imports and exports.

Answer 1

Answer:

Exports are the goods and services a nation produces and sells to other nations: imports are the goods and other services a nations buys from other nations.

Explanation:

All goods or services produced within the borders of a country are local products. If the local producer sells the products outside the boundaries of that country, those are exports.

If residents of a country buy goods or services made in other countries, those products are imports. Imports may be for consumption or materials to produce other goods.