imports are goods and services bought domestically are goods and services produced domestically but sold to other countries are goods and services produced domestically but sold to other countries.

Name: Macro (EC102)_ Net Exports 2
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Zara Mahmood Oct 22, 2013 EC102 Lecture 11: Net Exports (NX) cont. THE US IN THE INTERNATIONAL ECONOMY Increase in trade is result of:  Falling costs of shipping products around the world  Spread of inexpensive and reliable communications  Changes in government policies Tariff – A tax imposed by a government on imports Imports – Goods and services bought domestically but produced in other countries Exports – Goods and services produced domestically but sold in other countries The Impor