Importation refers to bringing goods or services into a country from another country for sale or use. It involves purchasing products from foreign producers and bringing them across borders.
Imagine you're hosting a party but don't have enough snacks for everyone. So, you decide to import some delicious snacks from a neighboring town to meet the demand of your guests.
Exportation: The act of sending goods or services produced domestically to another country for sale or use.
Trade Deficit: A situation where a country's imports exceed its exports, resulting in a negative balance of trade.
Tariff: A tax imposed on imported goods, which increases their price and can be used as a measure to protect domestic industries.
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