Asked by demi

Most countries, including the United States, import substantial amounts of goods and services from other countries. Yet there's also saying that a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. How can you reconcile these two facts?


I need help!!!THANKS A LOT!!!!!!!!!!!!
Answered by Ms. Sue
You have two words in your question that are very vague: substantial and large (quantity). The two "facts" are not really facts but extremely broad statements.

Are "substantial" and "large" 20%, 30%, 40%, 50% of the total goods and services??





Answered by demi
That's what I am confused too.
Answered by Ms. Sue
The only answer is that a country needs to have some kind of balance between imported and local goods and services.
Answered by economyst
Trade is a two-way street. A contry cannot import anything unless it has something to export. To import a "substantial" amount of goods, a country must produce a "large quantity" of goods to be traded.
Answered by Anonymous
Most countries, including the United States, import substantial amounts of goods and services from other countries. Yet there's also saying that a nation can enjoy a high standard of living only if it can produce a large quantity of goods and services itself. How can you reconcile these two facts?

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