What are products bought from another country called?

Study for the KOSSA Academic and Employability Test. Explore multiple choice questions and hints for a well-rounded preparation. Ace your exam with confidence!

Products bought from another country are referred to as imports. This term specifically denotes items that are brought into a country from abroad for sale or consumption. In the context of international trade, when a country obtains goods or services produced in another nation, it significantly impacts its economy by balancing supply and demand, influencing foreign relations, and affecting pricing of local goods.

In contrast, exports are goods or services produced domestically and sold to another country, trade goods is a more general term that refers to products traded in commerce which doesn't specify the origin or destination, and foreign assets typically refer to investments or properties owned in another country rather than physical goods being imported or exported. Therefore, understanding the distinction, imports are clearly defined as those products received from overseas, making this the correct choice.

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