Microecon Unit 4 DB - domestically produced goods I just...

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Import: A good or service brought in from another country. Export: A good or service sold and shipped to a foreign country. An example of an imported product is Chiquita bananas. According to http://chiquitafruitbites.com/chiquita/discover/ttfaq.asp , Chiquita bananas are grown mostly in Columbia, Costa Rica, Guatemala, Honduras, and Panama. Being that bananas typically grow near the equator, the US must import their bananas and we account for 26% of the worlds banana imports according to http://www.unctad.org/infocomm/anglais/banana/market.htm An example of an exported good is Ford vehicles. Most Fords are manufactured in the US, and then exported to various countries to supply their markets. I am an advocate of buying imported goods. Now this is not to say I am against buying
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Unformatted text preview: domestically produced goods. I just feel that the world’s economy is more of a global economy than ever. If every country strictly bought domestic goods then it would affect the global economy very negatively. By purchasing imported goods this keeps other countries economy flowing, which in turn keeps the global economy strong. Also if a business can operate at a cheaper level, they will be able to profit more from their product, either by charging the same and profiting more from the 1 sale, or charging less, and selling more of the product. If a company can get their good imported at a lower cost than buying domestic, I feel this is beneficial for the company....
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This note was uploaded on 04/02/2011 for the course ECON 220 taught by Professor Theresiaa.wansi during the Fall '10 term at American InterContinental University.

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