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definitions of import and export

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Discuss advantages or disadvantages of buying imports versus buying domestic products in relation to the fashion industry. (you do not have to choose the fashion industry)

1. First, list the definitions of import and export, and give examples of a chosen company and product for 1 import and 1 export item.
2. Advocate either buying imports or buying domestically for retailing the item.
3. Describe in detail 2 arguments to defend your point of view.

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1. An import is the purchase of a good produced in another country. An export is the sale of a domestically-produced good to a buyer in another country. Brooks Brothers clothing company manufactures clothing in several countries (such as Malaysia, Singapore) and sells its products in the U.S. Purchasing their clothing in the U.S. would constitute and import because the good are not manufactured domestically. Boeing manufactures airplanes in the U.S. and exports them to customers around the world, so a Boeing airplane sold to ...

Solution Summary

The advantages and disadvantages of buying imports versus buying domestic products are articulated in this posting.