Trade Flashcards
Why do ppl trade?
They need or want goods or services that they do not have
What does trade mean?
Exchange of goods or services in return for something else
What is global trade?
Buying and selling between countries
What does exports mean?
Countries sell the things they produce
What does imports mean?
Countries buy the things they need
What does the government try have more of; imports or exports?
Exports
Why does the government try export more than it imports?
To have money for things like building schools and running hospitals.
What does SA import? (4)
- petroleum products
- scientific instruments
- machinery and equipment
- chemicals
(SCEMP)
What does SA export?
- machinery & equipment
- other materials & minerals
- platinum
- diamonds
- gold
(DiG POEM)
What is economic activity?
The work that ppl do in a country
What are primary products?
Raw materials produced from activities such as farming, forestry, fishing and mining. (FFFM)
e.g. fish, fruit, wood, minerals
What are secondary products?
Products made from raw materials
e.g. canned fish, fruit juice, wooden furniture, cars
What do you need in order to manufacture products?
- raw materials
- technology and equipment
- ppl with skills and knowledge to make things
What are resources?
Things that ppl use to live
List 4 resources?
- water
- minerals
- human skills
- labour