Economic Terms Flashcards

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Cash Crop

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Any plant that a farmer grows not for their own consumption, but to be sold for a profit. Examples: coffee, cotton, cocoa.

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Commodities

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Raw material or agricultural product that can be bought and sold. Examples: gold, beef, oil, natural gas.

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Imports

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Bring goods or services into a country from abroad for sale. Example: Machinery (computers/hardware).

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Exports

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Send goods or services to another country for sale. Example: Food, beverage, and feed.

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Fair Trade

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Creating a system of trade where all people involved are able to enjoy the benefits of trade

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Fairtrade Minimum Price

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The amount it costs to farm sustainably. Serves as a safety net when the market prices drop

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Fairtrade Premium

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Money that farmers receive on top of the price paid.