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Trade & Development

Year 9 Unit

TermDefinition
trade exchanging of goods and services between countries
consumer pays the producer countries for the item that has been produced (buyer)
producer produces things to sell/items for consumer country
interdependence countries relying on other countries for certain goods
imports goods that come into another country
exports goods that leave/exit a country and sent to another country
balance of trade difference between a country's exports and imports.
trade surplus if a country earns more from its exports than what it spends on its exports.
trade deficit if a country spends more on imports than it earns from exports.
trading blocs groups of nations trading together
free trade international trade left to its natural course without tariffs, quotas, or other restrictions.
trade barriers government-imposed restraints such as tariffs and quotas, on the flow of international goods or services.
fair trade a way of buying and selling products that makes certain that the people who produce the goods receive a fair price
sustainability the idea that goods and services should be produced in ways that do not use resources that cannot be replaced and that do not damage the environment or communities
plantation a large farm on which a particular crop is grown
exporter a person, country, or business that sells goods to another country
pesticide a chemical substance used to kill harmful insects, small animals, wild plants, and other unwanted organisms
crop yield The total amount that a farm can produce
wages the money paid to workers
encourage make someone more likely to do something
Created by: tescommonstacks