Glossary: Interconnections

What is a commodity?

• A finished product ready for sale.

• A raw material or primary agricultural product that can be bought and sold.

• A service provided by a company.

• A type of currency used in trade.

Which of the following best describes consumerism?

• The practice of saving money and reducing consumption.

• A social and economic ideology that encourages the acquisition of goods and services in increasing amounts.

• The exchange of goods and services between countries.

• The belief in sustainable living and minimalism.

What does the term 'culture' refer to?

• The economic activities of a country.

• The beliefs, customs, traditions, and practices of a particular group or society.

• The technological advancements of a nation.

• The political system of a country.

What is meant by 'export'?

• The importation of goods from another country.

• The selling and shipping of goods and services from one country to another.

• The production of goods within a country.

• The taxation of foreign goods.

What is the main goal of the Fair Trade movement?

• To increase the profits of large corporations.

• To promote ethical trading practices that ensure fair wages, sustainable production, and better conditions for workers.

• To reduce the cost of goods for consumers.

• To eliminate all trade barriers between countries.

What does global citizenship encourage individuals to do?

• Focus solely on their own country's issues.

• Promote awareness of global issues and ethical participation beyond their own country.

• Prioritise national interests over international cooperation.

• Ignore international laws and regulations.

What is globalisation?

• The isolation of countries from each other.

• The increasing interconnectedness of countries through trade, culture, technology, and communication.

• The decline of international trade.

• The focus on local economies and cultures.

What are materials in the context of production?

• Finished goods ready for sale.

• The substances used to manufacture goods, including natural resources and synthetic components.

• The tools used by workers in a factory.

• The financial resources needed for production.

What is outsourcing?

• The practice of hiring local workers to perform tasks.

• The practice of hiring external companies or workers, often from other countries, to perform tasks or produce goods.

• The process of exporting goods to other countries.

• The internal production of goods within a company.

What does production involve?

• The consumption of goods and services.

• The process of creating goods and services using raw materials, labour, and technology.

• The distribution of goods to consumers.

• The regulation of trade by governments.