GradeGen

A good or service bought from another country.

A good or service purchased from another country.

Even a small UK business can be affected: it might import ingredients or equipment, or sell products to overseas customers.

Imports are goods and services bought from another country; exports are goods and services sold to another country.

Apply each point to the business in the question: does it export, buy overseas supplies or face competition from imports?

Identify whether the business imports, exports or does both, and state which currency is appreciating or depreciating.

Build a chain of reasoning: exchange rate change → import cost or overseas selling price → business response → effect on sales and profit.

A good or service bought from another country.

A good or service purchased from another country.

Even a small UK business can be affected: it might import ingredients or equipment, or sell products to overseas customers.

Imports are goods and services bought from another country; exports are goods and services sold to another country.

Apply each point to the business in the question: does it export, buy overseas supplies or face competition from imports?

Identify whether the business imports, exports or does both, and state which currency is appreciating or depreciating.

Build a chain of reasoning: exchange rate change → import cost or overseas selling price → business response → effect on sales and profit.

Import