International Trade and World Markets (Grade 11 NSC Matric Geography): Flashcards
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Trade definition
Trade definition
Exchange of goods, services, capital, labour & information
International trade definition
International trade definition
Trade of goods, services, capital, labour & info between countries
Commodities definition
Commodities definition
Specific items (goods & services) that countries exchange
Terms of Trade (TOT) formula
Terms of Trade (TOT) formula
(Value of exports / Value of imports) × 100
TOT = 100 meaning
TOT = 100 meaning
Balanced trade - equal value of imports and exports
TOT > 100 meaning
TOT > 100 meaning
Favourable trade - earn more from exports than spend on imports
TOT < 100 meaning
TOT < 100 meaning
Unfavourable trade - spend more on imports than earn from exports
Most traded commodity group
Most traded commodity group
Mineral fuels & oils (over 23% of major traded goods)
Raw materials in top 10 commodities
Raw materials in top 10 commodities
Only 3 out of 10 (so ~3/4 are processed/manufactured)
LEDC vs MEDC export patterns
LEDC vs MEDC export patterns
LEDCs export raw materials; MEDCs export processed goods