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NEEDS: This are often thought of as a physiological or biological requirement for maintaining life, such as the need for air, water, food, shelter, and sleep. Satisfaction is achieved by fulfilling needs. Physiological needs should be contrasted with psychological wants that make life more enjoyable but are not necessary to stay alive. However, when push comes to shove, and the nitty gets down to the gritty, it matters very little to markets if people need goods or want goods, so long as they are motivated to satisfy them. This motivation is what drives economic activity.
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IMPORTS Goods and services produced by the foreign sector and purchased by the domestic economy. In other words, imports are goods bought from countries. Imports are the counter to exports--goods produced by the domestic economy and purchased by the foreign sector. 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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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius hoping to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for the happiest person in the room.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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"He who has begun has half done. Dare to be wise ‚ begin! " -- Horace, poet, satirist
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USDA
United States Department of Agriculture
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