GLOSSARY UNIT 9 (SOCIAL SCIENCE)

Freight: goods or produce transported by ship, aircraft, train, lorry or van.

Capital flows: the money that is 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: all monetary transactions between a country and 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.

Trade bloc: a group of countries that join together to form an area with special trade regulations.

Transport network: the connection of road, 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. It can be tangible or abstract and it decides the prices 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: the first way of trading in history

Tourism: a sector dedicated to travel for recreational, leisure or business purposes.

Information society: society in which revolutionary advances an IT dominate the economy

Public services: cover basic need of population

Private services: offer personalised services to companies