GLOSSARY UNIT 9 & 10
Freight: Commercial transport that is slower and cheaper than
express.
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: Goods or services that are bought from foreign
countries.
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 set of countries which engage in international trade
together, and are usually related through a free trade agreement or other
association.
Transport network: The complete system of the routes pertaining to all
means of transport available in a particular area, made up of the network
particular to each means of transport.
Market: An event or occasion usually held at regular
intervals, at which people meet for the purpose of buying and selling
merchandise.
Infrastructure: The stock of fixed capital equipment in a country,
including factories, roads, schools, etc, considered as a determinant of
economic growth.
Trade: The act or an instance of buying and selling goods and
services either on the domestic markets or on the international markets.
Bartering: To trade in exchange for other goods, services, etc,
rather than for money.
Tourism: Tourist travel and the services connected with it, esp
when regarded as an industry.
Public services: A service performed for the benefit of the public,
especially by a nonprofit organization.
Private services: Intellectual
or manual work performed by a service provider in serving a customer.
Cereals: Any grass that produces an edible grain, such as oat,
rye, wheat, rice, maize, sorghum, and millet.
Mortgage: An agreement under which a person borrows money to buy
property and the lender may take possession of the property if the borrower
fails to repay the money.
Speculation: Investment involving high risk but also the
possibility of high profits.
Crop: The produce of cultivated plants, vegetables, and
fruit.
Agricultural landscape: An agricultural place or society is one in which agriculture
is important or highly developed.
Cultural heritage: Expression of the ways of living developed by a
community and passed on from generation to generation, including customs,
practices, places, objects, artistic expressions and values.
Domestic tourism: Domestic tourism is the type of tourism where people
visit tourist site within their own country.
Large-scale tourism: A big amount of tourism.
Tour operators: A person or company that provides package holidays.
High-speed rail: A type of rail transport that operates significantly
faster than traditional rail traffic, using an integrated system of specialized
rolling stock and dedicated tracks.
Peak season: Time of the year during which demand is highest.
Off-peak season: Not in the period of most frequent or heaviest use.
Recession: A temporary depression in economic activity or
prosperity.
