Why Do People Trade?

This set of flashcards covers essential vocabulary and concepts related to trade, its types, and the involvement of countries in the trading process.

Trade

The exchanging, buying and selling something in return for something else.

Exchange

To give something and get something in return.

Barter

To trade or exchange without the use of money; it is swapping things.

Imports

When goods are brought in from another country.

Exports

When goods are sent to another country to sell.

Petroleum products

Things that are made from petroleum (petrol), which comes from oil.

Buying and selling for money

The process of exchanging goods using money rather than bartering.

Abundance of natural resources

A condition when a country has a plentiful supply of resources that can be used for trading.

Government taxes

Money that governments earn from people and businesses based on their trading activities.

Main exports of South Africa

Diamonds, gold, other metals and minerals, machinery, and equipment.

Main imports of South Africa

Chemicals, oil and petroleum products, scientific instruments, food, and different types of machinery.