WELFARE STATE: is a concept of government where the state plays a key role in the protection and promotion of the economic and social well-being of its citizens. It is based on the principles of equality of opportunity, equitable distribution of wealth, and public responsibility for those unable to avail themselves of the minimal provisions for a good life.
TRADE: is the voluntary exchange of goods, services, or both. Trade is also called commerce or transaction. A mechanism that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and services. Later one side of the barter were the metals, precious metals (poles, coins), bill, paper money. Modern traders instead generally negotiate through a medium of exchange, such as money.
INSURANCE : in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment.
HEALTH SERVICES : The health-care industry incorporates several sectors that are dedicated to providing services and products dedicated to improving the health of individuals. According to market classifications of industry such as the Global Industry Classification Standard and the Industry Classification Benchmark the health-care industry includes health care equipment & services and pharmaceuticals, biotechnology & life sciences. The particular sectors associated with these groups are: biotechnology, diagnostic substances, drug delivery, drug manufacturers, hospitals, medical equipment and instruments, diagnostic laboratories, nursing homes, providers of health care plans and home health care.
HOUSEHOLD CONSUMPTION: is a common concept in economics, and gives rise to derived concepts such as consumer debt. Generally, consumption is defined by opposition to production. But the precise definition can vary because different schools of economists define production quite differently. According to some economists, only the final purchase of goods and services constitutes consumption, and every other commercial activity is some form of production. Other economists define consumption much more broadly, as the aggregate of all economic activity that does not entail the design, production and marketing of goods and services.
INTEREST RATE: is the price a borrower pays for the use of money they borrow from a lender, for instance a small company might borrow capital from a bank to buy new assets for their business, and the return a lender receives for deferring the use of funds, by lending it to the borrower. Interests rates are fundamental to a capitalist society.
TERTIARISATION: is an economic and social transformation that affects the most developed countries since the last phase of the industrial revolution (third industrial revolution). Not only is that the population employed in the tertiary sector (services) becomes larger than the secondary sector (industry), but the form of work in this sector is broadcast on all others.
MOTORWAY: is a dual carriageway limited access highway with grade separated junctions designed and built solely for motorised traffic. In English-speaking countries the term is used in the United Kingdom, some parts of Australia, New Zealand, Pakistan, some other Commonwealth nations, and Ireland (a motorway is also called a mótarbhealach)
PIPELINE: is the transportation of goods through a pipe. Most commonly, liquid and gases are sent, but pneumatic tubes that transport solid capsules using compressed air have also been used.
As for gases and liquids, any chemically stable substance can be sent through a pipeline. Therefore sewage, slurry, water, or even beer pipelines exist; but arguably the most valuable are those transporting fuels: oil (oleoduct), natura gas (gas grid) and biofuels.
FREIGHT: (or freight) is goods or produce transported, generally for commercial gain, by ship, aircraft, train, van or truck. In modern times, containers are used in most intermodal long-haul cargo transport.
GATT-WTO: the General Agreement on Tariffs and Trade (typically abbreviated GATT) was negotiated during the UN Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization (ITO). GATT was formed in 1947 and lasted until 1994, when it was replaced by the World Trade Organization in 1995. The original GATT text (GATT 1947) is still in effect under the WTO framework, subject to the modifications of GATT 1994.
LEISURE: or free time, is a period of time spent out of work and essential domestic activity. It is also the period of recreational and discretionary time before or after compulsory activities such as eating and sleeping, going to work or running a business, attending school and doing homework, household chores, and day-to-day stress.
SPA: is associated with water treatment which is also known as balneotherapy. Spa towns or spa resorts typically offer thermal or mineral water for drinking and bathing. They also offer various health treatments. The belief in the curative powers of mineral waters goes back to prehistoric times. Such practices have been popular worldwide, but are especially widespread in Europe and Japan. Day spas are also quite popular, and offer various personal care treatments.
RESORT: is a place used for relaxation or recreation, attracting visitors for holidays or vacations. Resorts are places, towns or sometimes commercial establishment operated by a single company. Such a self-contained resort attempts to provide for most of a vacationer's wants while remaining on the premises, such as food, drink, lodging, sports, entertainment, and shopping.
ENVIRONMENT: is the symbiosis between the physical environment and the biological life forms within the environment, and includes all variables that comprise the Earth's biosphere. The biophysical environment can be divided into two categories: the natural environment and the built environment, with some overlap between the two.
We see the secretary of an industry that makes shirts complaining about the globalization of other industries, but the secretary is talking at once, with different countries, so the industry criticizes globalization but she herself is one of those industries.
