New
New
The importance of trade
I can explain what trade is and why countries trade with each other.
Lesson 5 of 12
New
New
- Year 8
The importance of trade
I can explain what trade is and why countries trade with each other.
Lesson details
Key learning points
- Global trade involves exporting goods from one country and importing them to other countries.
- Commodities are raw materials which can be bought and sold.
- Manufacturing uses raw materials to make other goods for sale.
- Import and export data can be used to show the types and amounts of things that countries trade around the world.
Keywords
Trade - the buying, selling or exchanging of things between people, companies and countries
Import - goods and services brought in from another country
Export - goods and services sold to another country
Tax - money that is paid to the government to pay for things like schools and healthcare
Common misconception
You can only trade goods.
You can trade goods and services such as education and finance services.
Bring in an example of a commodity and manufactured good to show the difference.
Teacher tip
Equipment
Licence
This content is © Oak National Academy Limited (2025), licensed on Open Government Licence version 3.0 except where otherwise stated. See Oak's terms & conditions (Collection 2).
Lesson video
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Prior knowledge starter quiz
6 Questions
Q1. is the process of countries becoming more connected and interdependent.
is the process of countries becoming more connected and interdependent.
Q2.Which of the following is an example of global trade?
Which of the following is an example of global trade?
A local farmer selling their vegetables only in their town.
A school organising a book swap within the local area.
Q3.Which of these is a positive effect of globalisation?
Which of these is a positive effect of globalisation?
Fewer people have access to technology.
Countries become more isolated from each other.
Q4.Which of the following is an example of a product that might be traded internationally?
Which of the following is an example of a product that might be traded internationally?
A locally made chair
A homemade sandwich
Q5.How has the internet affected globalisation?
How has the internet affected globalisation?
It stops people from interacting with other countries.
It limits the spread of ideas and information.
Q6.How can globalisation affect local cultures?
How can globalisation affect local cultures?
It has no effect on local cultures.
It causes local cultures to disappear completely.
Assessment exit quiz
4 Questions
Q1. means the buying, selling or exchanging of things between people, companies and countries.
means the buying, selling or exchanging of things between people, companies and countries.
Q2.Which of these is a 'good'?
Which of these is a 'good'?
education
travel
Q3.Which of these is a service?
Which of these is a service?
food
furniture
Q4.Global trade involves exporting goods and services from one country and them to other countries.
Global trade involves exporting goods and services from one country and them to other countries.
