Economic and Tourism Terms Explained
Economic Terms
Basic Concepts
ADSL: Asymmetric Digital Subscriber Line, a type of internet connection known for its speed.
Tariff: A tax on imported or exported goods, sometimes exempt in specific areas.
Highway: Transport infrastructure with separate lanes for each direction, typically with at least two lanes per side and over 18 meters wide.
Autovía: Similar to a highway but with level crossings, usually toll-free.
AVE: Alta Velocidad Española, Spain’s high-speed train, connecting Madrid and Seville since 1992.
Trade and Finance
Trade Balance: The difference between export and import values over a period.
Balance of Payments: A record of a country’s transactions with the rest of the world, including goods, services, and capital.
Wholesale: Reselling goods from producers to merchants or large users.
Traditional Retailing: Reselling goods directly to consumers.
Trade Deficit: When a country’s imports exceed its exports.
Demand: The quantity of goods needed by the population.
Business and Markets
Economy: Unregistered businesses or labor that don’t pay taxes.
Stable: A fixed location for a company’s economic activities.
Large Company: Characterized by economies of scale, large investments, and 300-500 employees.
Monopoly: Exclusive control over a product or service, allowing unilateral price setting.
Multinational: Corporations operating in multiple countries.
WTO (World Trade Organization): Promotes global free trade, founded in 1995.
Bid: The price offered for an asset in the market.
SMEs (Small and Medium Enterprises): Companies with fewer than 250 employees and a turnover under 50 million euros.
Economic Indicators
GDP (Gross Domestic Product): Total value of goods and services produced in a territory over a year.
Upper Tertiary Sector: Specialized services requiring high training.
Tertiary Sector: Service industries like transport, health, and trade.
Outsourcing: Shifting to a service-driven economy.
Tourism Terms
Destinations and Types
Tourist Destination: An area attracting tourists due to natural, cultural, or business features.
Ecotourism: Tourism focused on enjoying and learning about ecosystems.
Seasonality: Fluctuations in demand for tourism services throughout the year.
Tourist Infrastructure: Facilities and equipment for tourism, including accommodation and leisure.
WTO (World Tourism Organization): Promotes global tourism, linked to the UN since 1976.
Overnight: Staying away from home, especially in tourist accommodations.
High Season: Peak tourist demand period with favorable weather.
Mass Tourism: Large-scale tourism, often characterized by low-quality services and seasonality.
Cultural Tourism: Enjoying cultural and artistic heritage.
Rural Tourism: Tourism in rural areas, often involving stays in rural homes.
Sustainable Tourism: Responsible tourism respecting local traditions and minimizing environmental impact.
Travel and Operations
Tourism: Travel for over 24 hours, including an overnight stay.
Tourist: A person traveling and staying overnight away from home.
Tour Operators: Companies controlling travel and accommodation demand, often diverting profits to their home countries.