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Trade & Development
Year 9 Unit
Term | Definition |
---|---|
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 |