Geography Term 2 Unit 1: Trade Flashcards
What is trade?
Trade is the selling and receiving of goods.
What does exchange mean?
Exchange means to give something and receive something in return.
What did people do before money and what does it mean?
People used to swop things, which means to exchange on thing for another thing.
What does barter mean?
Barter is a way of swopping things of equal value.
What do people use mostly to trade today?
Money.
What does money do to help people?
Money helps people to not have to carry lots of objects with them to swop for other things.
What do people have to decide on when they are selling a good?
They have to decide on the value of the good.
What does value mean?
Value means how much something is worth.
This amount they decide on is the _____.
Price.
What happens if the price is too high?
People would not want to buy it.
What happens if the price is too low?
People would not want to sell it.
What does import mean?
Import means to buy things from other countries.
What does export mean?
Export means to sell things to other countries.
What does natural resources mean?
Natural resources means that things that we use straight from nature, such as oil.
Some of these resources are ________ contained in _____ such as ____, diamonds, and ____.
Minerals; rock; gold; iron.
