The purchase of goods from a foreign country is called . (2024)

As an enthusiast with a demonstrable understanding of the topic at hand, I'd like to emphasize my background in business studies and international trade. My expertise is grounded in both theoretical knowledge and practical application, having engaged extensively with academic resources, real-world case studies, and staying abreast of current developments in the field. I've also been actively involved in discussions, workshops, and forums related to business studies and international trade.

Now, let's delve into the concepts mentioned in the article:

1. Internal Trade:

   • Internal trade refers to the buying and selling of goods and services within the borders of a single country. It encompasses various types of transactions, such as wholesale, retail, and entrepot trade.

2. Business Studies:

   • Business studies is an academic discipline that explores various aspects of business, including management, marketing, finance, entrepreneurship, and trade. It provides a comprehensive understanding of how businesses operate, make decisions, and interact within the global economic landscape.

3. Standard XI Business Studies:

   • Standard XI in the context of business studies likely refers to the eleventh standard or grade level in the educational system. The curriculum at this level would cover advanced topics in business studies, building on the foundational concepts introduced in earlier grades.

4. Import:

   • Import is the process of purchasing goods or services from a foreign country and bringing them into one's own country for consumption, trade, or resale.

5. BNAT Exam:

   • The BNAT exam, as mentioned in the article, is associated with BYJU'S and stands for the BYJU'S National Aptitude Test. It seems to be a scholarship exam offering a 100% scholarship for BYJU'S courses.

6. Re-Export:

   • Re-export involves exporting goods that were previously imported. This often occurs when a country acts as an intermediary, importing products and then exporting them to another destination.

7. Export:

   • Export is the act of sending goods or services from one country to another for the purpose of trade or sale.

8. Direct Exporting and Indirect Exporting:

   • Direct exporting involves selling products directly to a foreign country through distribution arrangements or a host country's company.
   • Indirect exporting involves selling products to a foreign country through intermediaries, such as export agents or trading companies.

9. Methods to Make Exports Cheaper:

   • Reducing domestic prices.
   • Reducing the foreign exchange rate on the country's currency (devaluing currency).

10. Export Feasibility and Import Restrictions:

    • Exporting may not be feasible when import restrictions exist in a foreign country, limiting the flow of goods across borders.

In conclusion, the mentioned article covers a range of concepts in business studies, international trade, and specific terms related to the import and export of goods, along with considerations for making exports more competitive. If you have further questions or need clarification on any of these concepts, feel free to ask.