The goods and services that a nation buys from other nations are called _____ .

Study for the VirtualSC Economics Honors Exam. Utilize flashcards and multiple-choice questions, each with hints and explanations. Get prepared for your exam!

The term that describes the goods and services that a nation purchases from other countries is imports. When a country buys products from foreign nations, it is engaging in international trade, specifically focusing on the arrival of goods and services into its economy. Imports play a crucial role in providing a variety of products that may not be available domestically or may be offered at a better price or quality from abroad, enhancing consumer choice and contributing to overall economic growth.

Exports, on the other hand, refer to goods and services sold by a nation to other countries, while "internationals" is not a recognized economic term related to trade. Transfers generally pertain to the movement of assets or funds but do not specifically denote trade in goods and services. Understanding these definitions helps clarify the dynamics of international trade and economic exchanges between nations.

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