Trade Flashcards
Goods definition
Single item you can hold or touch
E.g bread, groceries, ipad
Services definition
Something done for you and is a form of assistance
E.g hairdresser, postman
Primary level of industry
Natural resource from earth
Secondary level of industry
makes product from the natural resource
Tertiary level of industry
Sells product or service to consumer
Quaternary level of industry
Sells knowledge of the product
What is value adding
The process of a resource become a more complex good thereby increasing its value
What it the WTO?
Promotes free and fair trade between countries
What is the interconnection between the WTO and Australia’s trade?
Australia is a member of the wto
Imports definition
Item or good produced overseas and brought to australia
Export
An item or good produced in australia and traded to other countries
How does trade connect us?
earths resources are not distributed evenly
Therefore nations connect through exchanging goods and services
