How is "import" defined?

Prepare for the FBLA International/Global Business Exam! Study with flashcards and multiple choice questions, each with hints and explanations. Get set for success!

The definition of "import" refers specifically to goods that are brought into a country for sale. This term encompasses a variety of tangible products that are sourced from international markets and then shipped into the domestic market to be sold to consumers or businesses. Importing is a crucial aspect of international trade, as it allows countries to access products that may not be available locally or that can be sourced more cost-effectively from other nations.

In contrast, the other options represent different concepts within the realm of trade. Sending goods out of a country for sale pertains to exports, which is the opposite of importing. Domestic products sold abroad also refer to exports, emphasizing the sale of local items to foreign markets. Lastly, services provided to foreign countries typically describe international service exchanges, which, while related to global business, do not fall under the definition of importing goods. Therefore, understanding these distinctions helps clarify why the correct answer is indeed tied to the act of bringing goods into a country for the purpose of sale.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy