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IMPORT: Goods and services produced by the foreign sector and purchased by the domestic economy. In other words, imports are goods purchased from other countries. The United States, for example, buys a lot of the stuff produced within the boundaries of other countries, including bananas, coffee, cars, chocolate, computers, and, well, a lot of other products. Imports, together with exports, are the essence of foreign trade--goods and services that are traded among the citizens of different nations. Imports and exports are frequently combined into a single term, net exports (exports minus imports).
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PRINCIPLE A generally accepted, verified, proven, fundamental law of nature. A principle captures a cause-and-effect relation about the workings of the world that has been tested and verified through the scientific method. The law of demand, law of increasing opportunity cost, and law of diminishing marginal utility are three fundamental (and extremely important) economic principles.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time searching for rummage sales looking to buy either a pair of red goulashes with shiny buckles or a handcrafted bird feeder. Be on the lookout for small children selling products door-to-door.
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In the early 1900s around 300 automobile companies operated in the United States.
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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FX
Foreign Exchange
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