Trade (why & what) Flashcards
(27 cards)
What does it mean to exploit?
To take unfair advantage of a person
What does it mean to barter?
trade in which goods are exchanged directly for other goods
What is a primary product ?
things that come directly from farming, fishing, mining or forestry. They haven’t been processed
What does it mean to be valuable?
worth a great deal of money
What does it mean to trade ?
exchange of goods and services
What are resources?
things that we use to meet our needs
What are goods ?
physical things that are produced or sold
What is fair trade ?
trade which is done in a way that is fair for everyone involved
What are imports ?
goods that a country buys from another country
What are trade barriers ?
- rules that restrict trade
- they advantage the importing country
- they disadvantage the exporting country
What are secondary products ?
goods that are made by processing raw materials
What is unfair trade ?
trade in which some of the people involved are not treated equally or in a reasonable way
What are exports ?
goods that one country sells to another
What are sweatshops ?
factories where workers work long hours for little money
What are manufactured goods ?
goods that are made by processing raw materials
What are services ?
things that people do with skills for other people
What is profit ?
the difference between what goods cost to be produced/bought and what they are sold for
Why do people trade?
people trade to meet there needs
(most people/countries do NOT produce everything that they need themselves)
When does bartering work well?
When two people have things that each other wants and the things are of similar value
What was used as a form of currency (in Africa) before money?
Cowrie shells
What problem did money solve?
Money solved the problem of unequal value in bartering
Since when have coins been used as money?
600 BC
What do exports bring into a country?
money
What do imports bring into a country?
goods
