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trade

trade for grade 6

TermDefinition
Why do people trade? People trade for things they need
What is trade? This the exchange of goods or work between people
Where to people trade? on streets, on the internet and in shops
What is bartering? The exchange of goods or services without using money
Why do people use money to trade? Money makes buying and selling easier as people don't have to carry objects around with them to swop for things
How are items sold? First the value of the item has to be decided. If the price it too high - no one buys it. If the price is too low - no wants to sell it.
What does South Africa export? Iron, gold, fruit and car parts
What does South Africa import? Oil, medicines, electrical goods, factory machines
trade The buying and selling of goods
economy The way goods and services are produced, bought, and sold
export goods/services sent to a foreign country
import To bring in goods/services from a foreign country
raw materials the basic material from which a product is made.
natural resources materials found in nature that are used by living things
human resources people who provide labor, knowledge, and skills
free-market An economic system in which individuals decide for themselves what to produce and sell, without involvement from a government.
supply is how many goods of a product are able to be sold.
demand Quantity of a good or service that consumers are willing and able to buy.
Import trade The inflow of goods in a country
Export trade whereas outflow of goods from a country
Capital Resources Resource that is repeated used to do one's job, such as a machine.
Human Resources Someone who works to do a job, like a seamstress or factory worker.
Consumer Someone who uses what the producer makes.
Producer Someone who makes something.
Market Economy People are free to buy and sell whatever they want.
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