Glossary Unit 9&10 (Social Sciences)

Glossary – Unit 9

Freight- Goods or produce transported by ship, aircraft, train, lorry or van.

Capital flows- The movement of money for the purpose of investment, trade or business production.  

Exports- Goods or services sold to a foreign country or countries

Imports- To buy or bring goods or services from a foreign country

Balance of trade- The difference between a country's imports and its exports.

Balance of payments- A statement that summarizes an economy’s transactions with the rest of the world for a specified time period.

Retail- The sale of goods individually or in small quantities to consumers

Wholesale-The business of selling goods to retailers in larger quantities than they are sold to final consumers but in smaller quantities than they are purchased from manufacturers

Trade bloc-A group of countries that join together to form an area with special trade regulations.

Transport network- The connection of roads, railway lines, ports or airports that facilitate the transport of goods and/or people.

Market- The meeting of buyers and sellers of goods and services.

Infrastructure- The basic physical and organizational structures needed for an economy to function.

Trade- The buying and selling of goods to meet the needs of the population.

Bartering- To trade (goods, services, etc) in exchange for other goods, services, etc, rather than for money

Tourism- A sector dedicated to travel for recreational, leisure or business purposes.

Information society-Information Society is a term for a society in which the creation, distribution, and manipulation of information has become the most significant economic and cultural activity.

Public services-The business of supplying something to the members of a community

Private services- The business of supplying something to the members of a community because of money.

Glossary – Unit 10

Cereals- Grasses grown for the edible components of their grain, such as rice and wheat.

Mortgage- A loan to finance the purchase of private residential or commercial property.

Speculation-Investment in stocks, property of other assets in the hope of gain, but with the risk of loss.

Crop- A cultivated plant to be harvested as food, animal fodder, fuel or for any other economic purpose.

Agricultural landscape- A landscape that has been transformed by people to cultivate crops and/or rear livestock.

Cultural heritage-The things, places and practices that define who we are as individuals, as communities, as nations or cultures.

Domestic tourism-Tourism in which tourists do not leave their own country.

Large-scale tourism-Travel and accommodation offered to large groups at affordable prices by tour operators.

Tour operators-A company that combines tour and travel components to cater for large-scale tourism.

High-speed rail-A type of rail transport involving high-speed trains.

Peak season-The season when travel is most active and rates are highest.

Off-peak season-The season when travel is less active and rates are lower.

Recession-A business cycle contraction; a general slowdown in economic activity.