Final answer:
A product sold to the global market is an export, while one bought from another country is an import. These transactions are part of international trade, a crucial component of the global marketplace and essential for understanding a country's economy and its involvement in globalization.
Step-by-step explanation:
A product that's sold to the global market is called an export, while a product that's bought from another country is called an import. Our global marketplace includes a vast array of products and services that cross international borders every day. Items like fresh fruit from Chile, electronics made in Taiwan or Korea, clothing designed in Italy but manufactured in China, and refined gasoline from various oil-producing countries are examples of imports and exports that sustain the global economy.
Exports are goods and services produced domestically and sold abroad. Imports, on the other hand, are those produced abroad and sold domestically. The trade balance of a country is influenced by its exports and imports, and the ratio of exports divided by Gross Domestic Product (GDP) provides insight into what portion of a country's production is sold internationally, which is an important measure of globalization.