Definitions Flashcards
Fair trade
Trade between companies in developed countries and producers in developing countries in which fair prices are paid to the producers
Trade
The action of exchanging, buying, or selling goods or services
Interdependent
Two or more people or things dependent on each other
Globalisation
The removal of borders and boundaries around the world and making connections with other nations and their markets
Free trade
International trade left to its natural course without restrictions
Primary sector
The sector of the economy concerned with or relating to primary industry; this includes the extraction and harvesting of products from the earth
Secondary sector
The sector of the economy concerned with or relating to secondary industry; this includes the manufacturing of finished goods
Tertiary sector
The sector of the economy concerned with or relating to tertiary industry; this includes services provided to the general population and businesses
Sweatshop
A factory or workshop, especially in the clothing industry, where manual workers are employed at very low wages for long hours and under poor conditions
Co-operative
A farm, business, or other organisation which is owned and run jointly by its members, who share profits or benefits
Subsistence farming
Self-sufficiency farming in which farmers focus on growing enough food to feed themselves and their families
Cash crops
A crop produced for its commercial value rather than for use by the grower
Import
Goods or services brought into a country for sale
Export
Goods or services sent out of a country for sale
Equity
The quality of being fair and impartial
Fariness
The quality of making judgements that are free from discrimination
Marketing
The action of promoting and selling products or services
Developing
A poor agricultural country becoming more economically and socially advanced
Developed
A country or region which is economically and socially advanced
Exploitation
Taking advantage of a person or situation for ones own gain
Consumer
A person who purchases goods and services for personal use
Producer
A person, company, or country that makes, grows, or supplies goods or commodities for sale
