Trade Flashcards
(26 cards)
What is import?
Goods that a country buy from another country.
What is Export?
Goods that a country sells to another country.
What are Resources?
Things we use to meet our needs.
What are Trade Barriers?
Rules that restrict trade in a way that has an advantage for the importing country and a disadvantage for the exporting country.
What are Secondary Products?
Goods that are made by processing raw materials, also called manufactured goods.
What are Manufactured Goods?
Things that are made by processing raw materials, also called secondary products.
What is Unfair Trade?
Trade in which some people involved are not treated equally or in a reasonable way.
What is a Sweatshop?
A factory where workers work long hours for very little money.
What are Services?
Things that people with skills do for other people.
What is Profit?
The difference between what goods cost to be processed or bought and what they are sold for.
What does it mean to Exploit a person?
To take unfair advantage of them.
What is Barter.
Trade in which goods are exchanged directly for other goods.
What are Primary Products?
Things that come directly from farming, mining, fishing or forestry .
We consider something valuable if…….
It has value.
What is trade?
The exchange of goods and services.
What are goods?
Physical things that are processed or sold.
What is Fair Trade?
Trade which is done in a way that it is fair for everyone involved.
What is the simplest way to things that you don’t have?
By exchanging things that you do have.
What are South Africa’s exports?
- Precious minerals and metals
- Coal
- Iron and steel products
- Cars
- Machinery
- Fruit
- Aluminium
- Organic chemicals
- Wine
What are South Africa’s imports?
- Rubber goods
- Petroleum
- Transport equipment
- Electrical goods
- Car parts
- Plastics
- Medicines
- Special equipment
- Chemicals
Why does bartering not always work effectively?
Often people couldn’t agree on what a product was worth or they did not want what the other person had.
What did people do to solve the problem of bartering not always working efficiently?
They introduced money.
When we’re metal objects introduced as money?
Around 5000BC
Give three reasons why metal was used as money.
- It was easiest to get hold of.
- It was easy to work with.
- It could be recycled.
