What is defined as a good or service bought from another country?

The term that refers to a good or service bought from another country is indeed import. An import is a product that a nation acquires from a foreign supplier, which can be beneficial for various reasons, such as accessing resources that are not available domestically, enjoying lower prices, or obtaining unique goods that enrich the local market.

In international trade terminology, imports play a crucial role in balancing economies and expanding consumer choice. They allow countries to cater to the needs and preferences of consumers who may desire foreign products due to quality, innovation, or brand appeal.

On the other hand, exports represent goods or services that a country sells to others, trade encompasses the broader concept of the exchange of goods and services between countries, and commerce generally refers to the overall activity of buying and selling, including both domestic and international transactions. Each of these terms has its own specific context and meaning within the economic framework.