Discuss the pros and cons of importations vs exportations

Part 1The purpose of this assignment is to become familiar with the terms import and export, and then discuss advantages or disadvantages of buying imports versus buying domestic products in relation to the fashion industry.First, provide the definitions of import and export.Select a company and product for 1 import and 1 export item.Advocate for buying an imported item or buying a domestically produced item for resale.Part 2Please answer fullySometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market’s scope. These are called externalities.  As a policy maker concerned with correcting the effects of gases and particulates emitted by and local power plant, answer the following questions:What 1 policy could you use to reduce the total amount of emissions?Why do you think the policy would reduce the total amount of emissions?What would be the benefits of each action (besides emissions reduction)?What would be the costs of each action?How would you decide what was the best level of emission reduction?

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