Distinguish between:
3) Exports and Imports
Exports
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Imports
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It is the selling of domestically produced goods and services to any foreign country.
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It is the buying of internationally produced goods and services by the domestic country.
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In exports, goods flow out of the economy.
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In imports, goods flow into the economy.
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Here, foreign exchange is earned by the economy.
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Here, foreign exchange flows out of the economy.
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