π What are Imports?
Imports are like welcoming guests into your country! ποΈ They are goods or services that are brought *into* your country from another country. Think of it like this: if your favorite video game is made in Japan and then sold in the United States, that video game is an import for the United States.
π What are Exports?
Exports are like sending gifts to other countries! π They are goods or services that are sent *out* of your country to be sold in another country. For example, if the United States grows a lot of corn and sells some of it to Mexico, that corn is an export for the United States.
π Imports vs. Exports: A Side-by-Side Comparison
| Feature |
Imports |
Exports |
| Direction |
Coming into the country β‘οΈ |
Going out of the country β¬
οΈ |
| Effect on Supply |
Increases the supply of goods in the country β |
Decreases the supply of goods in the country (locally) β |
| Example |
Buying bananas from Costa Rica π |
Selling cars to Canada π |
π Key Takeaways
- π Global Connection: Imports and exports connect countries worldwide, allowing us to enjoy goods and services from different places.
- π€ Economic Exchange: They are crucial for a country's economy, creating jobs and income.
- π‘ Think Globally: By understanding imports and exports, we become more aware of how different countries rely on each other.