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Table 23-3
The table below contains data for the country of Crete for the year 2010.
-Refer to Table 23-3. What were Crete's government purchases in 2010?
Trade Deficit
A trade deficit occurs when a country's imports of goods and services exceed its exports, leading to more money leaving the country than coming in through trade.
Exports
Goods or services produced in one country and sold to buyers in another country, contributing to the selling country's economy.
Imports
Goods or services brought into a country from abroad for sale.
European Union (EU)
A political and economic union of 27 member states that are located primarily in Europe, which operates through a system of supranational institutions and intergovernmental negotiated decisions by the member states.
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