Glossary - Definition to Words Flashcards
The action of buying and selling goods and services
Trade
Trading between producers and consumers at fair prices for workers.
Fair trade
2 or more people or things dependent on each other
Interdependent
Involves the removal of boundaries and boarders around the world making connections with other nations and their markets
Globalisation
International trade left to its natural course without tariffs, quotes, or other restrictions. It’s simple definition is trade without restriction
Free trade
This includes the extraction and harvesting of products from the earth. For example, farming, foresting, fishing and mining.
Primary sector
The manufacturing of finished goods, e.g. turning wool into clothes, turning wood into furniture
Secondary sector
Services provided to the general population or business e.g. transportation, restaurants, media or banking.
Tertiary sector
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.
Sweat shop
A business owned and governed democratically directly by the farmers thamselves
Co-operative
Self-sufficiency farming in which the farmer’s focus is on growing enough food to feed themselves and their families.
Subsistence farming
A crop which is grown for money, e.g. coffee, sugar, tea.
Cash crops
Bring goods or services into a country from abroad for sale
Import
Send goods or services to another country for sale.
Export
The quality of being fair and impartial.
Equity
