Glossary Unit 4 (Social Sciences)

Free movement- Legal permission for goods, capital, services, or workers to leave one country and enter another country without extra taxes, legal documents, official limits, etc.

Common market - A group of countries that have a formal agreement for trading among themselves and how they trade with countries outside the group.

Monetary union- Two or more countries with a single currency, or different currencies having a fixed mutual exchange rate monitored and controlled by one central bank.

Cohesion- Tendency to unite.

Treaty - A formal agreement or contract between two or more states, such as an alliance or trade arrangement.

Heterogeneity - The quality or state of being heterogeneous.

Homogeneous- Composed of unrelated or differing parts or elements.

Outsourcing- To work to another company.

Fragmentation - A piece broken off or detached.

Development - The act or process of growing or progression. 

Budget - An itemized summary of expected income and expenditure of a country or company

Citizenship - The condition or status of a citizen, with its rights and duties.

Duty - A task or action that a person is bound to perform for moral or legal reasons

Funds - Money that is readily available.

Investment - The purchase of goods that are not consumed today but are used in the future to create wealth.

Subsidy -A financial aid supplied by a government, as to industry, for reasons of public welfare, the balance of payments, etc.

Skeptical- Not convinced that something is true.

Surplus - A quantity or amount in excess of what is required.

Seafaring- The act of travelling by sea.

Outskirts - Outlying or bordering areas,districts,etc.

Profitable - Affording gain, benefit, or profit.

Highway- A public road that all may use.

Motorway - A main road for fast-moving traffic.

Hierarchy - A system of persons or things arranged in a graded order.

GDP - Gross Domestic Product. is the market value of all officially recognized final goods and services produced within a country in a year, or other given period of time.

CAP - Common Agricultural Policy. The system in the European Union for setting prices for farm products and limits on the amounts that can be produced, and for organizing various payments to farmers.

CFP – Common Fisheries Policy.Set of rules for managing European fishing fleets and for conserving fish stocks.