Final answer:
Remittances are money or goods sent by migrants back to their home countries, often providing essential support for families and contributing significantly to the economies of those countries.
Step-by-step explanation:
The term for money or goods sent back to their home country by migrants is remittances. These are transfers of money from workers to their families back in their home countries. It's a form of financial support that has significant implications for the economies of recipient countries. Most cases involve an individual migrating to another country for work and sending back part of their income to support their family. This is particularly common among Mexican migrants. In 2022, migrants worldwide sent a staggering $800 billion in remittances, underscoring the scale of this global financial flow. Remittances serve as a significant source of foreign income for countries like Mexico, where it is estimated that billions of dollars come from undocumented workers in the United States. Although these funds are crucial for family support and economic stimulation, they also come with disadvantages such as high fees and potential dependency on these funds.