World Trade

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What is Trade?
The business of buying, selling and distributing goods and services
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Why does Trade happen?
No single country can provide everything that its population needs or wants, so goods and services are exchanged with other countries. Countries are dependent on one anothr for word trade - Interdependent
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Import
Goods brought into a a country
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Export
Goods leaving a country in exchange for imports
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Trade Surplus
When more money is earned from exports than spent on imports. MEDCs buy things cheaply from LEDCs
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Trade Deficit
When more money is spent on import than is earned from selling exports. LEDCs buy machinery for farming, mining etc. More expensive than export crops
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Other cards in this set

Card 2

Front

Why does Trade happen?

Back

No single country can provide everything that its population needs or wants, so goods and services are exchanged with other countries. Countries are dependent on one anothr for word trade - Interdependent

Card 3

Front

Import

Back

Preview of the front of card 3

Card 4

Front

Export

Back

Preview of the front of card 4

Card 5

Front

Trade Surplus

Back

Preview of the front of card 5
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