GLOSSARY UNIT 6 & 7 (SOCIAL SCIENCES)

UNIT 6

Economic activity: the different processes involved in the production and consumption of goods and services.

Economic agent: a person, group or institution involved in the economy.

Goods: tangible economic products that are usually consumed after production.

Services: economic activities that are intangible.

Production: an activity that provides goods and services for consumption.

Distribution: the marketing, delivery and sale of goods and services.

Marketing: the act of researching, promoting and advertising a product or service in order to sell it.

Consumption: the use of a product or service to satisfy needs or desires.

Supply: availability of something for use or sale.

Demand: the desire to own something in the market and the willingness to pay for it.

Inflation: a rise in the general level of prices of goods and services in the economy or a decrease in value of the purchasing power of money.

Profit: the monetary gains of a business after all expenses have been met.

Tax: a monetary contribution to the government required of people, groups, or businesses.

Raw material: material on which a particular manufacturing process is carried out.

Telecommuting: the use of home computers, telephones, etc, to enable a person to work from home while maintaining contact with colleagues, customers, or a central office.

Employer: a person that employs workers

Employee: a person who is hired to work for another or for a business, firm, etc, in return for payment

UNIT 7

Plot: an area of land where crops are grown.

Soil: the top layer of the land surface of the earth that is composed of disintegrated rock particles, humus, water, and air

Crop rotation: the practice of growing different types of crops in the same area sequential seasons.

Extensive agriculture: an agricultural system that uses small inputs of labour, fertilizers, and capital, relative to the area of land that is being farmed.

Dryland farming: farming in which the fields receive only rainwater.

Irrigated farming: farming in which the fields don’t receive only rainwater.

Livestock farming: farming based on rearing animals to obtain products.

Housed livestock: livestock fed with fodder in farm buildings.

Fishing ground: an area of water that is used for fishing.

Aquaculture: an activity that consists of farming marine animals and plants in pool, ponds or enclosed areas of the coast.