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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 purchased from other countries. The United States, for example, buys a lot of the stuff produced within the boundaries of other countries, including bananas, coffee, cars, chocolate, computers, and, well, a lot of other products. 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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Lesson 13: Aggregate Demand | Unit 2: Doing More Page: 8 of 22

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The foreign sector, everyone who is not a citizen of our domestic economy, also purchases domestic production. These are termed net exports.

Net exports are exports minus imports.

  • Exports are purchases of domestic production by the foreign sector.
  • Imports are the purchases of foreign production by the domestic sector.
  • Net exports gives us an overall picture of how our economy interacts with the foreign sector.
  • Calculating net exports by subtracting imports gives us aggregate expenditures on domestic production only.

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ASSUMPTION

An initial condition or statement of a model or theory that sets the stage for an analysis by abstracting from the real world. Assumptions are important to economic analysis. Some assumptions are used to simplify a complex analysis into more easily manageable parts. Other assumptions are used as control conditions that are subsequently changed to evaluate the consequences.

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Today, you are likely to spend a great deal of time driving to a factory outlet looking to buy either decorative celebrity figurines or a flower arrangement with anything but tulips for your grandfather. Be on the lookout for malfunctioning pocket calculators.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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