Fair Trade - Glossary Words Flashcards
To understand the meanings of the words in the Fair Trade unit.
Trade
The process of buying, selling or exchanging goods.
Interdependent
Relying or depending on others to get what we need
Globalisation
World-wide integration and development; accessing global markets for trade
Free Trade
Trade without restriction or regulation such as tariffs
Primary Sector
The part of the economy that deals with farming/agriculture/mining etc
Secondary Sector
This part of the economy manufactures and processes finished goods
Tertiary Sector
The service industry
Cash Crop
A crop that is grown to be sold and make money for the farmer
Subsistence Crop
Crops that are grown to feed a farmer’s family or livestock
Liberalisation
When a government reduces or relaxes its control and regulation of trade
Market
The mechanism that allows trade to happen
‘Middle Man’
people that bridge the gap between the producer and the buyer
Co-operative
A business owned and governed democratically and directly by farmers themselves
Sustainable
A system that ensures its own viability and continuation
Sweatshop
A factory where workers are in crowded conditions and work long hours for very little pay
