UNIT 9
Freight: goods or produced transported by ship, aircraft, train, lorry or
van.
Capital flows: the large amounts of money being moved around the world.
Exports: goods or services that are sold outside the country where they are
produced.
Imports: goods or services that are brought into a country from abroad for
sale.
Balance of trade: the difference between the monetary value of the exports and the
imports of a country.
Balance of payments: a record of all monetary transactions between a country and the
rest of the world.
Retail:
a type of trade in which businesses sell small quantities of goods directly to
consumers.
Wholesale: trade in which buyers purchase large quantities of goods and sell
them in smaller quantities to other companies. Individual consumers don’t have
access to these markets.
Trade bloc: a group of countries that join together to form an area with
special trade regulations.
Transport network: made up of lines that join two or more points.
Market: the meeting of buyers and sellers of goods and services. The market
can be tangible or abstract. The market decides the price 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: exchanging certain goods for others.
Tourism: a sector dedicated to travel for recreational, leisure or business
purposes.
Information society: a society in which the creation, distribution and manipulation of
information has become the most significant economic and cultural activity.
Public services: services that cover the basic needs of the population and
contribute to its well-being. They are financed by money from taxes.
Private services: services that offered and managed by private companies. People pay
the company directly for the service that it offers.
UNIT 10
Cereals: grasses grown for the edible components of their grain.
Mortgage: a loan to finance the purchase of private residential or commercial
property.
Speculation: investment in stocks, property or 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 tourist 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: time of the year during which demand of tourism is highest
Off-peak season: time of the year during which demand of tourism is lowest.
Recession: a business cycle contraction; a general slowdown in economic
activity.
