Imports and Exports Flashcards

1️⃣ Familiarise yourself with the flashcards:

Look through all the flashcards to see what's on both sides.
Make sure you understand the information on each card. If something's unclear, click the link to the revision notes at the bottom of the page for more details.

2️⃣ Test yourself:

Look at the question or prompt on each card and try to remember the answer before flipping it over.
Check the answer and make a note of any cards you find challenging and need to go over more.

3️⃣ Consistently Review and Practice:

Use spaced repetition: spend more time on the cards you struggle with and go over them more often.
Regularly review all the flashcards to help you better understand and retain the information over time.

Note: We may include questions that have multiple correct answers. It's useful to remember specific examples to understand these concepts better.

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What is an import?

A good or service bought from another country.

A good or service sold to another country.

Import: bananas. Export: cars.

They may not have them. Others can make them cheaper or better. Imports also give more choice.

To sell more, earn money from abroad, and support jobs.

They increase choice and can lower prices.

They face more competition, so their sales can fall.

Firms reach more buyers, can grow, and may create or keep jobs.

Visible trade is goods you can touch, like food or cars. Invisible trade is services, like tourism or banking.

A country we buy from or sell to.