Asked by Kathlyn Postre on Mar 10, 2024
Verified
Fair trade and free trade are basically the same concepts.
Fair Trade
A social movement and market-based approach that aims to help producers in developing countries achieve better trading conditions and promote sustainability.
Free Trade
An economic policy allowing imports and exports between countries with little or no government tariffs, quotas, subsidies, or prohibitions to inhibit their exchange.
- Recognize the advantages of global commerce, specifically how nations can gain from comparative strengths.
- Acquire knowledge about the international push for fair trade practices, the World Trade Organization's contribution, and the issues concerning labor and environmental criteria within trade deals.
Verified Answer
RB
Rhett BurtonMar 10, 2024
Final Answer :
False
Explanation :
Fair trade and free trade have different meanings and concepts. Free trade promotes open markets and free competition without tariffs or barriers to trade, while fair trade promotes social and environmental sustainability, and focuses on ensuring fair prices and wages for workers in developing countries.
Learning Objectives
- Recognize the advantages of global commerce, specifically how nations can gain from comparative strengths.
- Acquire knowledge about the international push for fair trade practices, the World Trade Organization's contribution, and the issues concerning labor and environmental criteria within trade deals.