Answer to Question #207099 in Management for Pearl

Question

Explain the following concepts in detail:

2. Fair trade 2

Answer 1

Fair Trade

Fair trade entails situations when producers in underdeveloped nations are paid a reasonable premium for their jobs by corporations in developed nations. Fair trade was established as an alternative approach to doing trade. It is founded on collaboration, which implies that producers' and employees' interests are just as essential as other business factors. It also serves as a paradigm for development and response to poverty.