Trade - Worksheet

Trade is the term used to describe the action of buying and selling goods and services. This process is a significant means for nations to generate income and has been a common practice globally for centuries. In the modern era, trade is conducted on a massive scale with goods being transported across the globe via massive container ships that navigate from one port to another and through the air by aeroplanes. These methods of transportation enable a wide variety of products to reach different markets around the world, facilitating international trade and economic connections between countries.

The concept of 'Fairtrade' is an ethical framework within the broader context of trade, which focuses on achieving fair prices, decent working conditions, local sustainability, and fair terms of trade for farmers and workers in the developing world. Fairtrade matters because it is designed to support the development of farming and worker communities, ensuring they enjoy improved social and environmental standards. On the other hand, 'export' and 'import' are key terms in trade; 'export' refers to the selling of goods and services from one's own country to another, while 'import' is the buying of goods and services from a foreign country. Understanding these concepts is crucial in grasping the dynamics of international trade and its impact on global economies.