GLOSSARY (SOCIAL SCIENCE) UNIT 4

Free movement: the unrestricted movement of goods, services, people and capital in a common market.

Common market: a market based on common policies and the free movement of goods, services, people and capital.

Monetary union: the sharing of the same currency between two or more states. In 1992, the concept of a monetary union was agreed upon in the European Union.

Cohesion: the act uniting or staying together.

Treaty: a formal agreement between two or more states related to international relations.

Heterogeneity: a thing that consists of dissimilar elements or parts.

Homogeneous: made up of the same kind of people or things.

Outsourcing: part of a company's work is sent to another company, sometimes in a different country, because it is cheaper or more efficient option.

Fragmentation: when production processes occur in different phases, in different places.

Development: the act or process of growing or making progress.

Budget: a sum of money to be used for a specific purpose by a goverment.

Citizenship: is the fact of belonging to a community because you live in it, and the duties and responsibilities that this brings. 

Duty: are taxes which you pay to the government on goods that you buy.

Funds: the financial resourses used by governments or political institutions for a specific purpose.

Investment: the act of using something ( time, noney, effort etc.) to achieve a goal.

Subsidy: a type of financing offered by a goverment.

Skeptical:  Marked by or given to doubt; questioning.
Surplus: Total assets minus the sum of all liabilities.

Seafaring:  Following a life at sea.
Outskirts: outlying areas (as of a city or town).
Profitable: beneficial or useful.

Highway-Motorway: the main form of transport in the EU.

Hierarchy: Categorization of a group of people according to ability or status.

GDP: Gross Domestic Product.

CAP: Common Agricultural Policy.

CFP: Common Fisheries Policy.