Geograph Vocabulary

• Balance of Trade


  The difference between the value of a country's exports and imports of goods over a specific period, typically calculated annually
• Capital: the sum of financial assets that are required to produce goods or services
• Consumers


  Individuals or households that purchase goods and services for personal use and consumption
• Eco-Tourism


  Tourism that focuses on visiting natural environments with the aim of conserving the environment and improving the well-being of local people
• Export


  Goods or services produced domestically and sold to consumers in another country
• Fair Trade


  A trading partnership that seeks greater equity in international trade by ensuring fair prices, good working conditions, and sustainability for producers in developing countries
• Globalization


  The process of increasing interconnectedness and interdependence among countries, economies, cultures, and societies through international trade, investment, information technology, and cultural exchange
• Gross Domestic Product (GDP)


  The total value of all goods and services produced within a country's borders over a specific period, typically annually
• Gross National Product (GNP)


  The total value of all goods and services produced by a country's residents, regardless of where they are located, over a specific period, typically annually
• Import


  Goods or services brought into a country from another country for sale or consumption
• Manufacturing


  The process of producing goods by using raw materials, components, or parts through various methods such as human labor, machinery, or automation
• Outsourcing


  The practice of contracting out certain business functions or processes to third-party providers, often located in other countries, to reduce costs or improve efficiency
• Primary Industry


  Industries involved in the extraction and production of raw materials, such as agriculture, mining, forestry, and fishing
• Protectionism


  The economic policy of restricting imports through methods such as tariffs, quotas, and other regulations to protect domestic industries from foreign competition
• Retail


  The sale of goods or services to consumers for personal or household use through various channels such as stores, online platforms, or direct sales
• Secondary Industry


  Industries involved in the manufacturing or processing of raw materials into finished products, such as manufacturing, construction, and utilities
• Surplus


  The excess of something, such as production or income, over what is required or used
• Tariffs


  Taxes or duties imposed on imported or exported goods by governments to regulate trade, protect domestic industries, or generate revenue
• Tertiary Industry


  Industries involved in providing services rather than producing goods, such as retail, healthcare, education, finance, and hospitality
• Trade Barriers


  Restrictions imposed by governments to regulate international trade, such as tariffs, quotas, subsidies, or regulatory barriers
• Value Added


  The increase in the value of a product or service at each stage of production, distribution, or sale
• Wholesale


  The sale of goods in large quantities to retailers or businesses for resale or further processing