Trade, Primary and Secondary Sources, Importing Exporting, Fair Trade Flashcards
Why do people trade?
To get things that they don’t already have, but need or want.
What are exports?
Things that a country sells to other countries.These may be manufactured goods or raw materials.
What are imports?
Things that countries buy from other countries.
What sort of things do people trade?
- Goods2. Services
What are raw materials?
These are also known as primary products.They may be things such as fish, fruit, minerals or wood.
What are manufactured goods?
These are also known as secondary products.They’re primary products that have been changed or manufactured into other goods.For example, a wooden chair, a fish pate.
What are skills?
These are things that people have a particular ability to do.
What are services?
This involves people doing work of some description for someone.Examples include: mechanic, lawyer, teacher…
What is the value of raw materials?
These are worth much less than he final product.
What is the value of manufactured goods?
Manufacturers goods are worth much more than raw materials. This is because they go through a process, but also because they are more desirable.
What is ‘unfair trade’?
This means that people are exploited or treated unfairly when they work or trade goods and services.
What is ‘fair trade’?
This is an organization that tries to stop exploitation in trading products.
What is buying and selling between countries called?
Global trade
How do government earn money from trade?
They earn tax from companies that are trading. The amount of tax depends upon the amount of money they make through trade.
What does the government try to do with export and import?
Export more than it imports so that it has money for welfare projects like building hospitals and schools.
