Glossary - Definition to Words Flashcards

1
Q

The action of buying and selling goods and services

A

Trade

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2
Q

Trading between producers and consumers at fair prices for workers.

A

Fair trade

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3
Q

2 or more people or things dependent on each other

A

Interdependent

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4
Q

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

A

Globalisation

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5
Q

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

A

Free trade

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6
Q

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

A

Primary sector

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7
Q

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

A

Secondary sector

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8
Q

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

A

Tertiary sector

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9
Q

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.

A

Sweat shop

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10
Q

A business owned and governed democratically directly by the farmers thamselves

A

Co-operative

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11
Q

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

A

Subsistence farming

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12
Q

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

A

Cash crops

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13
Q

Bring goods or services into a country from abroad for sale

A

Import

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14
Q

Send goods or services to another country for sale.

A

Export

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15
Q

The quality of being fair and impartial.

A

Equity

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16
Q

The quality of making judgements that are free from discrimination

A

Fairness

17
Q

The action or business of promoting and selling products or services

A

Marketing

18
Q

To grow or to become more mature, advanced

A

Developing

19
Q

Advanced or elaborated to a specified degree

A

Developed

20
Q

Taking advantage of someone or something for ones own benefit.

A

Exploitation

21
Q

Crops grown for the use of the producer

A

Subsistence crop

22
Q

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

A

Developed country

23
Q

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

A

Developing country

24
Q

The clothing making industry

A

Textile industry