Glossary Flashcards

1
Q

Trade

A

The act of buying and selling goods and services

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2
Q

Fair trade

A

Trade between companies in developed countries and producers in developing countries in which fair prices are paid to the producers.

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3
Q

Interdependent

A

2 or more people or things dependent on each other

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4
Q

Globalisation

A

Involves the removal of boundaries and boarders around the world making connections with other nations and their markets

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5
Q

Free Trade

A

International trade left to its natural course without tariffs, quotes, or other restrictions. It’s simple definition is trade without restriction

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6
Q

Primary Sector

A

The extraction and harvesting of products from the earth. For example, farming, foresting, fishing and mining.

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7
Q

Secondary sector

A

The manufacturing of finished goods, e.g. turning wool into clothes, turning wood into furniture

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8
Q

Tertiary Sector

A

Services provided to the general population or business e.g. transportation, restaurants, media or banking.

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9
Q

Sweat shop

A

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.

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10
Q

Co-operative

A

A business owned and governed democratically and directly by farmers themselves.

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11
Q

Subsistence farming

A

Subsistence agriculture is self-sufficiency farming in which the farmer’s focus is on growing enough food to feed themselves and their families.

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12
Q

Cash crops

A

A crop which is grown for money, e.g. coffee, sugar, tea.

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13
Q

Import

A

Bring goods or services into a country from abroad for sale

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14
Q

Export

A

Send goods or services to another country for sale.

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15
Q

Equity

A

The quality of being fair and impartial.

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16
Q

Fairness

A

The quality of making judgements that are free from discrimination

17
Q

Marketing

A

The action or business of promoting and selling products or services

18
Q

Developing

A

To grow or to become more mature, advanced

19
Q

Developed

A

Advanced or elaborated to a specified degree

20
Q

Exploitation

A

Taking advantage of someone or something for ones own benefit.

21
Q

Subsistence crop

A

Crops grown for the use of the producer.

22
Q

Developing country

A

A country that is mainly agricultural and looking to become more economically and socially advanced

23
Q

Developed country

A

A country that has a highly developed and advanced economy relative to other less industrialised nations.