SOCIAL SCIENCE-GLOSSARY UNIT 9 & 10

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.