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Trade and transport
Unit 5: Trade and transport - an economic challenge
| Term | Definition |
|---|---|
| bulk | a large quantity of something |
| customs duty | a tax paid on goods that are imported |
| customs union | a free-trade area where, in addition, a common customs policy is established for non-member countries |
| domestic trade | the commercial activities that take place within the borders of a state |
| exports | the products that a country sells to other countries |
| foreign trade | the commercial activities that take place between countries |
| free-trade area | a type of trade blocs where no customs duties are paid on trade between member countries, and trade with countires outside the bloc is freely decided by each member state |
| intermodal freight transport | a type of transport which is based on the coordination of two or more means of transport to move goods |
| goods | things that are produced to be sold |
| high-income countries | advanced countries with high GDP |
| imports | the products that a country purchase from other countries |
| intermodal transport | a type of transport when at least two different means of transport converge in the same place |
| low-cost airlines | airlines which offer a worse service than traditional airlines for a cheaper price |
| means of transport | vehicles used to move people and products |
| overland transport | road and rail transport |
| passenger | a traveller in a private or public vehicle |
| private services | services provided by companies or freelance workers in exchange for economic benefits |
| protectionist measures | regulations that make it more difficult for foreign products to enter a country's territory |
| public service | services provided by the state in order to meet the basic needs of the population without making a profit |
| retailers | traders who sell directly to the final consumer in small quantities |
| shipping | moving products from one country to another using sea routes |
| shortage | scarcity or lack of something |
| tariff | a tax imports or exports between countries |
| trade | the connection between producers and consumers which enables the purchase and sale of goods and services |
| trade balance | the difference between the value of imports and exports |
| trade barrier | any regulation or policy that restricts international trade |
| trade blocs | groups of countries formed by alliances and agreements about trade |
| transport infrastructure | all the installations which enable the means of transport to circulate (roads, motorways, airports, ports) |
| transport network | the set of infrastructures created for the circulation of vehicles |
| universal health coverage | it means that everyone has access to health services without suffering financial difficulties |
| wholesalers | traders who purchase products directly from producers and sell them to retailers |
| World Trade Organization (WTO) | the most important global organization which regulates trade between countries |
| freight / cargo | goods transported by land, water or air |
Created by:
livia.pasztor
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