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.
