In economics, an import is any good or commodity, brought into one country from another country in a legitimate fashion, typically for use in trade. Import goods or services are provided to domestic consumers by foreign producers. Import of commercial quantities of goods normally requires involvement of the Customs authorities in both the country of import and the country of export. Import may refer to: Importing goods and services; see Import (international trade) and International trade Import scene, the subculture that revolves around modifying imported brand cars In computer software, to import is to transform data into the native file format of an application that one is working with. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ... A good or commodity in economics is any object or service that increases utility, directly or indirectly, not to be confused with good in a moral or ethical sense (see Utilitarianism and consequentialist ethical theory). ... This article does not cite any references or sources. ... This article is about economic exchange. ... Consumers refers to individuals or households that use goods and services generated within the economy. ... In microeconomics, production is the act of making things, in particular the act of making products that will be traded or sold commercially. ... Customs is an authority or agency in a country responsible for collecting customs duties and for controlling the flow of animals and goods (including personal effects and hazardous items) in and out of a country. ...

The amount of goods and commodities imported into a nation, I, is a function of two variables, the domestic absorption, A, and the real exchange rate, σ. These two are the two largest factors of imports and they both affect imports positively. Good. ... The word commodity has a different meaning in business than in Marxian political economy. ... In finance, the exchange rate (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how much one currency is worth in terms of the other. ...

I = I(A,σ)

Absorption, or domestic spendings, include both domestically produced and imported goods and services. When a nation increases its domestic spendings, the imports are naturally following the increase, therefore the plus sign. The real exchange rate, σ, is a nations competitiveness towards other nations since it is the relative price of goods produced at home compared to goods produced abroad. When the real exchange rate increases foreign goods become less expensive and imports then increase. ^[1]

Notes and References

1. ^ Burda, Wyplosz (2005): Macroeconomics: A European Text, Fourth Edition, Oxford University Press

See also

• International trade
• List of countries by imports
• Export function