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GCSE Business · key term
A certification system with standards intended to support fairer trading conditions for producers and workers, including farmers in developing countries.
Used by Edexcel and OCR
Specification 2.1.4 · Paper 2
Revise: Ethics and the EnvironmentFor example, Green & Black’s has used Fairtrade cocoa in its chocolate. Buying ethically sourced ingredients can support producers and provide a reason for customers to choose the product, but those ingredients may cost more. An ethical sourcing decision therefore connects purchasing, marketing and finance.
Paper 2
A certification scheme identifying products sourced according to standards intended to support responsible production and fairer treatment of producers.
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Fairtrade-certified coffee, chocolate and bananas are familiar examples of products associated with responsible sourcing. Certification can help customers identify products meeting particular sourcing standards. This may give a business a distinctive selling point and allow it to charge a higher price.