Glossary Flashcards
Trade
The act of buying and selling goods and services
Fair trade
Trade between companies in developed countries and producers in developing countries in which fair prices are paid to the producers.
Interdependent
2 or more people or things dependent on each other
Globalisation
Involves the removal of boundaries and boarders around the world making connections with other nations and their markets
Free Trade
International trade left to its natural course without tariffs, quotes, or other restrictions. It’s simple definition is trade without restriction
Primary Sector
The extraction and harvesting of products from the earth. For example, farming, foresting, fishing and mining.
Secondary sector
The manufacturing of finished goods, e.g. turning wool into clothes, turning wood into furniture
Tertiary Sector
Services provided to the general population or business e.g. transportation, restaurants, media or banking.
Sweat shop
A factory or workshop what is usually to do with the clothing industry, where workers are employed at very low wages for long hours and poor conditions.
Co-operative
A business owned and governed democratically and directly by farmers themselves.
Subsistence farming
Subsistence agriculture is self-sufficiency farming in which the farmer’s focus is on growing enough food to feed themselves and their families.
Cash crops
A crop which is grown for money, e.g. coffee, sugar, tea.
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.
