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Geography Development Gap - Trade
Terms in this set (7)
When more money is earned from exports than is spent on imports
When more money is earned from exports
World of trade
Usually, MIC buys something from LICS/NICS and then the MIC turns that good into a more expensive product and then sells it for a profit and the LIC/NIC not having enough money to gain anything back.
Taxes or customs duties paid on imports to make imported goods more expensive than home-produced goods`
Precise limits on the quantity of goods that can be imported. Quotas are normally restricted to primary goods, which means that they work against poorer countries
There are countries that have grouped together to trade between themselves. They agree not to have tariffs or quotas when they trade with each other to make it cheaper to buy and sell within their group.
All about getting a fair price on products from LICS
Companies that use fair trade have to give a fair price and a bit extra to help develop countries
Only employers who take good care of their employees which helps improve the quality of life
Producers in fair trade are however making a lot of products making prices fall which is not going to be beneficial for farmers that are not yet in the scheme
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