Trade
Define bartering.
Exchanging a good (product) or service with someone who gives you another good (product) or service
No money involved
exchange (goods or services) for other goods or services without using money.
Define tourism
people's movement from one place to another for leisure (fun) or medical treatment
What is the service sector?
The part of the economy that provides important services to individuals in return for money/financial benefit.
What do we call the place where the buying and selling occurs? (deals are made)
Why is the transportation sector important for society?
Helps move PEOPLE and GOODS to promote TRADE and TOURISM
What is the exchanging goods and services (with or without money)?
trade
What is internal vs external tourism?
Internal - traveling within one's own country
External - traveling to another country
What are the four types of services?
educational, health, financial, and transport/communication
The Grand Canyon is an example of what type of tourist attraction?
Natural wonder
Why are the communication and internet services important today?
Name 3 reasons trade is important.
(1) source of income
(2) provides working opportunities - jobs
(3) help sell products from agriculture and farming
Name 4 elements that helped develop tourism.
(1) people have extra income to spend
(2) people have free time to travel
(3) the places visited are safe/secure
(4) better modes (types) of transportation (plane replaced ship travel)
Education is a service that is divided in two part based on who is providing it and if it is free or not. What are these two parts of the education sector?
Private part, which charges fees
Public/government part, which is free
NO. The bank provides services for a fee, and they make money.
A safari in Africa is an example of what type of tourist attraction?
adventure/exploration
What are the 3 types of trade?
DIE
(1) Digital / electronic
(2) Internal trade (inside the country)
(3) External trade (between countries)What are the positive effects of tourism?
(1) people of different cultures learn from each other
(2) people increase their knowledge
(3) tourism helps develop the areas they visit (through jobs and extra income)
What are the two part of the health sector?
Public/government sector - provide care free of charge or at very low cost to citizens (build hospitals, pay doctors, etc)
Private sector - which provides care for a charge (requires people to pay)
How does tourism help develop/improve the economy in the place that tourist visit?
Tourists require the place to develop SERVICES (hotels, roads, communication, etc), so CREATE JOBS, and bring MONEY to the area.
What are 4 types of things that attract tourists?
HARN = (1) historical sites, (2) adventure, (3) religious sites, (4) natural wonders
List two types of INTERNAL TRADE
(1) Wholesale trade - buy a whole bunch on sale for your shop
(2) Retail - resell to individuals
What is medical tourism?
when people travel to get a surgery or treatment they can't get where they live
What is the financial sector and why do we need it?
Refers to banking services, which allow us to
(1) manage their money
(2) save their money
(3) make commercial trade (buying/selling) easier
(4) help people get loans
What are the two of external trade?
Import trade (buying goods and bringing them into your country)
Export trade (selling and sending to ANOTHer country)
How have transportation networks impacted the development of trade?
Better transportation networks (of trains, planes, trucks, and ships) have helped people send MORE goods (products) to MORE places, MORE quickly