Key terms & definitions

A group of countries that agree to reduce barriers to trade between members.

A group of countries that agree to reduce or remove barriers to trade between their members.

An agreement allowing a business to receive goods from a supplier and pay for them later.

A situation in which the value of a country’s imports exceeds the value of its exports over a stated period.

Information describing a product, such as its materials, quantity or performance, which must be accurate.

A government restriction or ban on trade with another country, usually intended to put political or economic pressure on it.

The reduction or removal of government barriers to trade.

A distinctive sign, such as a name or logo, that identifies one business’s goods or services and distinguishes them from those of other businesses.

Exclusive control over trade, allowing an authority to decide who may trade and under what conditions.

A situation in which gaining one benefit involves accepting a disadvantage or giving up another benefit.

A compromise in which gaining one benefit involves accepting a cost, risk or disadvantage elsewhere.

A compromise in which improving one aspect of a choice comes at the cost of worsening another.

A situation in which gaining more of one benefit involves giving up some of another.

Accepting a limitation in one feature to gain a benefit in another, such as accepting less image detail to reduce file size.

A compromise in which gaining one benefit means accepting a limitation elsewhere, such as greater performance at a higher cost.

An agreement between countries that makes trading between them easier, for example by reducing tariffs.

More favourable trading terms granted to selected countries, such as lower import tariffs on their products.

Restrictions on trade intended to put pressure on a country to change its behaviour.

An organisation of workers that represents its members in negotiations over pay, working conditions and employment rights.

An organisation that represents employees' interests, including negotiating over pay and working conditions.

An organisation of workers or employees that promotes and protects their interests, for example by negotiating pay and working conditions.

An organisation of workers that protects and promotes its members’ interests through advice, representation, negotiation and campaigning.

A union member who advises colleagues and represents them in dealings with their employer.

Prevailing tropical surface winds that blow from east to west across the Pacific under normal conditions.

The prevailing tropical winds that blow towards the equatorial low-pressure belt: from the north-east in the Northern Hemisphere and the south-east in the Southern Hemisphere.

A group of countries that agree to reduce barriers to trade between members.

An exclusive right to conduct a particular trade, excluding unauthorised competitors.

A country with which another country exchanges goods or services.

A base where merchants buy, sell and store goods for transport elsewhere.

The handing on of the apostolic faith through the Church’s teaching and life; in Catholic Christianity, it is understood alongside Scripture.