Fair Trade 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 buying and selling goods and services.
Interdependent
two or more people or things dependent on each other.
Globalisation
The process by which businesses or other organizations develop international influence or start operating on an international scale.
Free Trade
International trade left to its natural course without tariffs, quotas, or other restrictions.
Primary Sector
The sector of the economy concerned with or relating to primary industry. Agriculture, fishing, and extraction such as mining
Secondary Sector
The sector of the economy concerned with or relating to secondary industry. Approximately the same as manufacturing
Tertiary Sector
The sector of an economy concerned with or relating to tertiary industry. Also known as the tertiary service sector or the service industry
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 organization which is owned and run jointly by its members, who share the profits or benefits.
Subsistence Farming
Farming whose products are intended to provide for the basic needs of the farmer, with little surplus for marketing. Also farming that brings little or no profit to the farmer, allowing only for a marginal livelihood.
Cash Crops
A crop produced for its commercial value rather than for use by the grower.
Import
Bring (goods or services) into a country from abroad for sale.
Export
Send (goods or services) to another country for sale.
Equity
The quality of being fair and impartial. Also the value of the shares issued by a company.
