All countries need to—or choose to—import at least some goods and services for the following reasons: ... Goods or services that satisfy domestic needs or wants can be produced more inexpensively or efficiently by other countries, and therefore sold at lower prices.
The motivation for a country to import goods and services from other countries is perhaps less obvious than its motivation for selling exports (making a profit on goods not consumed by the domestic market). As with exports, the purposes served by imports vary from country to country. Let’s explore these various purposes by starting with asking why a country like the United States, with its massive and extraordinarily diverse economy, would need to import anything from other countries.
In fact, there are only a handful of goods or services that the United States absolutely must import from other countries. With a land area spanning several climatic zones, immense natural resources, and a dynamic workforce, the United States is able to produce, mine, or grow almost every item its citizens need to lead reasonably prosperous lives.
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Answer:
All countries need to—or choose to—import at least some goods and services for the following reasons: ... Goods or services that satisfy domestic needs or wants can be produced more inexpensively or efficiently by other countries, and therefore sold at lower prices.
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Answer:
BECAUSE OF THE
The motivation for a country to import goods and services from other countries is perhaps less obvious than its motivation for selling exports (making a profit on goods not consumed by the domestic market). As with exports, the purposes served by imports vary from country to country. Let’s explore these various purposes by starting with asking why a country like the United States, with its massive and extraordinarily diverse economy, would need to import anything from other countries.
In fact, there are only a handful of goods or services that the United States absolutely must import from other countries. With a land area spanning several climatic zones, immense natural resources, and a dynamic workforce, the United States is able to produce, mine, or grow almost every item its citizens need to lead reasonably prosperous lives.