International Trade

Import means

• buying goods from another country

• only making one kind of product

• selling goods to another country

Export means

• buying goods from another country

• only making one kind of product

• selling goods to another country

The definition of Trade is

• importing goods

• exporting goods

• to buy or sell goods and services

Watches made in China are worn by people in Nassau

• import

• export

Cars made in Japan are being driven in Cat Island

• import

• export

Chairs made in China are flown to The Bahamas

• import

• export

Hand chains made by Bahama glama sold in Macy's

• import

• export

Pineapples grown in Eleuthra sold in Hawaii

• import

• export

The difference between visible exports and visible imports is known as

• the balance of payments

• the balance of trade

When we add the visible balance to the invisible balance, the new figure is called

• the balance of payments

• the balance of trade