Imports and exports

Question 1

define imports

Answer 1

products bought from overseas

Question 2

What causes money to flow out of an economy?

Answer 2

Imports

Question 3

What are 2 advantages of imports?

Answer 3

• They increase variety of goods and services available to firms and consumers.
• Imported products can often be cheaper than domestically produced ones.

Question 4

Define exports

Answer 4

Exports are products sold overseas

Question 5

What way does money flow when goods are exported?

Answer 5

Into the economy.

Question 6

What are 2 benefits of exports?

Answer 6

-Businesses can expand benefitting from an increased market share
Exporting can be the simplest and least risky way to access overseas markets.