GLOSSARY UNIT 9 GEOGRAPHY

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

-CAPITAL FLOWS: money that is transported 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: 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: a sistem used before the invention of money, involving the exchange of 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 important economic and cultural activity.

-PUBLIC SERVICES: services that cover basic need of population.

-PRIVATE SERVICES: services that offer personalised services to companies.