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10 Cards in this Set
- Front
- Back
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Barter - in ancient times people would swap goods they had for the goods they needed |
Trade - the exchange of goods and services for money and/or goods and services |
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Imports - goods or services bought by a country from abroad |
Exports - good or services sold by a country to other countries abroad |
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Monopoly - one producer controls the market (production) |
Cartel - a group of companies which controls the market (production) |
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Trade Balance - the relationship between the value of a country's imports and exports |
Trade Deficit - where the value of a country's imports is greater than its exports |
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Trade Surplus - where the value of a country's imports is less than its exports |
Free Trade - when no tariffs or taxes are paid on imports and exports |
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Protectionism - where taxes must be paid on imported goods/services |
Duties or Tariffs - taxes placed on imported or exported goods |
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Fair Trade - trade which helps poorer farmers to gain more of the profit from their crops |
Globalisation - the increasing interconnectedness of people across the world in terms of trade, information and culture |
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Multinational Corporation - a company with branches in many different countries |
Raw Material - unprocessed goods taken from the environment |
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Finished Goods - manufactured good ready for sale to the public |
Sweatshop - a factory where people work long hours for little pay in poor conditions |
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LEDC - an economically less developed country |
MEDC - an economically more developed country |
