Import means to bring something from one country to another. If a country has a new species of animal, another country may want to get a baby of the new species of animal to their country. The first colonists that went to America had no stores or places to buy food and things that they wanted. They could just rely on other countries. Export means to give things to other countries. When other countries imported some food and things from the country that asked for goods, they became more self-sufficient over time. WHen they become independent, they will also export goods to the countries who have helped them.
200 hundreds years ago the US imported goods to let them become self-sufficient. The US at that time imported goods by ship to major colonies with a port on a bay. People need to use wagons or on horseback to transport the food when they are on the land. When they grow more crops and become self-sufficient, they put some goods that they have and give it to the countries that had helped America to become independent. Such as England and other countries. America had less imports now than before. Because They had become very independent. But, local merchants continued to sell items from other countries. The prices continued to increase because the English government kept adding taxes to the goods. They only took a little bit of goods from a very far place as they became independent. There are some people called entrepreneurs. They make cheap things expensive.
The biggest country of import in the world is the United States. The United States has three main goods. There are capital goods, consumer goods, and industrial supplies. Capital goods have the most percent of what the US imports. It is also the biggest export country in the world. It is China. One export of China is Electrical machinery, equipments. Each year China exports increase more. This year the percentage of what China exports is 10.7% more than last year. China is the biggest export country in the world because they have a lot of goods. They also use imports to make them much greater to create and have more goods.
The law of Supply and demand is a concept. Supply is to have a lot. Demand is to measure how many goods should have how many prices..Those people who make cheap things feel very expensive but, it is not it is not this is the law of Supply and demand. This may also make them become rich. People will like to buy expensive things and the people who sell those things will become rich. People all love good things. Entrepreneurs do this also for the taxes that they need to give it to the government.
Import and Export both help a country. They import better goods and food and things. This became independent. They make their own goods from the ones that they import before. Export is to give out to other countries your own goods. Throughout time, different countries import and export differently. Today, America is the biggest import country in the world. China is the biggest export country in the world. There is the Law of Supply and Demand. Supply is to have plenty of things. Demand is to measure out a part of good things’ prices to sell exported to other people and countries.
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