In the world, many countries want things from other countries, because they don’t have the things that other countries have. So, people import stuff into their own country. Importing means bringing products from another country into your own. When other countries want your country's things, you export them out of your country and into another. Exporting means bringing goods from one country to another. Importing and exporting are crucial if you want to earn money. So, we will often see people exporting and importing things.
When the colonists first came to America, there were no shops to buy things from, so they could only rely on the things imported from other countries, mainly England. After a while, America developed and became more successful. Colonists started exporting things back to England and other countries to earn money. After the U.S. became independent, it grew and expanded, more people opened businesses, and more goods were imported and exported in and out of America. And more people became wealthy. This is America's import and export situation from 200 years ago.
Even though the U.S. was in a good situation many years ago, the U.S. is now in a poor situation. Since the mid-1970s, people have imported more goods than exported goods. This caused many people, including the government, to be poor. Many people wanted money, so the price of dollars increased significantly, taxes increased, and it was hard to run a business. For example, the cost of goods exported to other countries was less than 0.1 billion dollars, but the cost of goods imported to the U.S. was 0.1 billion dollars, which was more than the cost of goods that were exported. So, this is a bad situation for the U.S. import and export.
If people wanted to earn money, they could use a unique method called Supply and Demand. If many people want a specific item, then the seller can increase the price of it to earn more money. However, if a few people want to buy an item, the seller can lower its cost to attract more customers, and then they can increase its price to get more profit. For example, if a hundred people want to buy a pizza, you can increase the price from five dollars to ten dollars. That way, you can earn more money because people want to get their hands on the pizza no matter the cost. So, this is how the Supply and Demand system works.
I think China is the biggest economic unity in the world now. Firstly, in China, there are things from a variety of countries. Things from Japan, America, etc., can be found in China. This means that China has traded with many countries and has an alliance with them. Secondly, China has many things that other countries want. China has things like solar panels, gold, steel, and iron ore that many countries want. Last but not least, China has a significant population. More people means more shops and businesses. More businesses mean that there is a considerable number of connections with other countries since there are companies that import and export goods. So, I think China is the world's largest economic unity.
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