Economic Terms Flashcards

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

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

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

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

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

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

Money that farmers receive on top of the price paid.