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Also called resource cost advantage. The ability of a party (whether an individual, firm, or country) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources. absorption The total demand for all final marketed goods and services by all economic agents resident in an economy, regardless of the origin of the goods and services themselves ...
Instead of importing a factor of production, a country can import goods that make intensive use of that factor of production and thus embody it. An example of this is the import of labor-intensive goods by the United States from China. Instead of importing Chinese labor, the United States imports goods that were produced with Chinese labor.
Companies import goods and services to supply to the domestic market at a cheaper price and better quality than competing goods manufactured in the domestic market. Companies import products that are not available in the local market. There are three broad types of importers: Those looking for any product around the world to import and sell
Terms of trade (TOT) is a measure of how much imports an economy can get for a unit of exported goods. For example, if an economy is only exporting apples and only importing oranges, then the terms of trade are simply the price of apples divided by the price of oranges — in other words, how many oranges can be obtained for a unit of apples.
If exports exceed imports, it is sometimes called a favourable balance of trade. Includes all those visible and invisible items exported from and imported into the country in addition to exports and imports of merchandise. Includes revenues received or paid on account of imports and exports of merchandise. It shows only revenue items.
Businesses have also stocked up, placing bigger-than-usual import orders ahead of new tariffs taking hold, as the U.S. imported 11% more Chinese products in July and August than they did during ...
Re-importation occurs often when excise taxes are high on a commodity, such as alcohol. Buyers who desire certain domestic products, but do not wish to pay the high excise tax, can buy it from another country where the excise tax is lower. This occurs, for example, when re-importing Koskenkorva Viina, a Finnish product, from Estonia to Finland.
They are produced by the Bureau of Economic Analysis of the Department of Commerce. They are one of the main sources of data on general economic activity in the United States. They use double-entry accounting to report the monetary value and sources of output produced in the country and the distribution of incomes that production generates ...