Import
Definition
Import refers to the act of bringing goods or services from another country into one's own country for sale or use. It involves purchasing products from foreign countries rather than producing them domestically.
Analogy
Imagine you are throwing a party and you need decorations. Instead of making all the decorations yourself, you decide to buy some from a store. This is similar to importing, where a country buys products from other countries instead of producing them themselves.
Related terms
Export: Export refers to the process of sending goods or services produced in one country to be sold in another country.
Trade deficit: A trade deficit occurs when a country imports more goods and services than it exports, resulting in a negative balance of trade.
Tariffs: Tariffs are taxes imposed on imported goods by a government to make them more expensive and protect domestic industries.
"Import" appears in:
Subjects (2)
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