Glossary

A glossary of terms used throughout Primark Education materials

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Audit An assessment of a factory’s performance against the Code of Conduct including workers' rights and working conditions.
Backhauling When empty delivery trucks are used to carry a load back to the distribution centre.
Business environment The internal and external factors that influence a business.
Business model The way in which a business operates to generate income and make a profit.
Economy The goods and services that a given country or region produces, trades and consumes, and the value of these goods and services.
Ethical trade Trade that respects the rights and safety of workers.
Globalisation The way in which businesses now operate at a global scale across many different countries.
Industrial sector Parts of an economy that produce different goods or services, e.g. agriculture, manufacturing, leisure.
Initiative A project that aims to create change in a place or community, to address an issue or solve a problem.
Interdependence How people and economies in different countries and regions are linked due to globalisation and international trade.
LEDC A Less Economically Developed Country, e.g. Bangladesh
Margin The difference between the cost price and selling price of product.
MEDC A More Economically Developed Country, e.g. The UK.
Non-Governmental Organisation (NGO) A private, often volunteer or charitable organisation.
Partner An organsiation that works with another to achieve a goal.
Stakeholder A person or group that has an interest in how a company does business or performs.
Standards Written definitions of how things should be done or perform.
Supply chain The ‘chain’ of companies that work together to provide raw materials, make goods, transport them and sell them to customers, including manufacturers, distributors and retailers.
The Ethical Trading Initiative (ETI) The Ethical Trading Initiative is a leading alliance of companies, trade unions and NGOs that promotes respect for workers' rights around the globe.
Trade union Trade unions are independent, membership-based organisations of workers that represent and negotiate on behalf of working people.