Question

Unit 9

Discussion Board

The purpose of this assignment is to understand the terms import and export, and then explain the advantages or disadvantages of buying imports rather than buying domestic products. You could, for instance, write about an imported automobile, stereo, or household appliance that you bought or considered buying. Include all of the following points in your discussion.

1. If you were a retailer, would you want to sell domestically made goods or imported items? Please explain why you made this choice.
2. If you wanted to sell a good or service to customers in other countries, what sorts of items do you think you could export?
3. In your opinion, should the United States’ Federal Government support companies that want to enter export markets? Please explain.

Answer 1

Import and export are terms relating to trade.Importing goods is purchasing goods from other countries which are deficient in home country.Exporting goods is selling goods to other deficient countries where demand is high for such goods.One of the advantage of imports is cost of few imported goods is less than cost of  domestic goods.Certain domestic goods are costly to manufacture and the ultimate cost of that product is higher.In this situation,it is advantageous to buy imported goods.Another advantage of imported goods is quality aspect.Few imported goods have best quality than that of goods produced in domestic country.At times,domestic manufacturers fail to meet quality standards.So,it is an advantage to buy imported goods to receive better quality standards of the product.I thought of buying phone from foreign country instead of buying it in from local market.The reason for deciding to buy imported phone is it meets quality standards and even cost of good is more in local market.So,I felt it is better to buy phone from foreign market as its cost over there is comparatively less.There are few disadvantages of importing goods.If goods are imported from other countries than consumers need to pay the high taxes to buy such imported goods.In this case,less tax or no tax is imposed on domestic goods.Another disadvantage of importing goods is increase in domination of such goods.If more goods are imported,then those goods tend to dominate domestic products as even consumers tend to prefer such imported goods.Therefore,these are the advantages and disadvantages of importing goods.

If I was retailer,I would rather sell domestically made goods than imported goods.If domestic goods are sold then country's gross doemstic product would increase with decrease in import rate.Domestically made goods are safe and include less procedure to sell them while there are more restrictions and complicated process to sell import goods.Sale of import goods requires many permissions and is a lengthy procedure.So,I would choose selling domestically made goods rather than selling imported goods.

To sell goods or services to other country,the main thing which we require is consent from the country to which goods are exported.First,we need to know what kind of items are allowed to be exported to that particular country.Mostly electronic gadgets,appliances,accessories are basic items which are allowed to carry out trade in foreign markets.So,it better to choose one of the item from the list of allowed goods to sell them to customers in other countries.

Yes,United State's federal government should support countries that want to enter export market.If such companies are supported and encouraged then trade relations among countries develop and export rate increases.Increase in export rate is an indication for the growth of country which is in improving stage.Demand for domestic product increases in foreign market if exported to such overseas market.Gross domestic product and export rate of domestic country rises if companies are supported by United State's federal government.Hence,US government should help such companies to enter into export market.