Glossary Social Science unit 9

Unit 9

Freigh: goods or produce the 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