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GLOSSARY

 
 

Common Agricultural Policy
CAP for short, this is the system of support for farmers in the European Union. It began in 1962.

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Dependency Ratio
The balance between the non-economically active age groups (under 15 years old and over 65) and the economically active age group (between 15 and 64 years old).

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Epicentre
The place on the earth's surface immediately above the 'focus' of an earthquake (where the earthquake starts). An earthquake is strongest at the epicentre.

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Export Processing Zone
An industrial area where companies can manufacture goods with low or no taxes.

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GNP
Gross National Product, the total value of all the goods and services produced by a country in a year.

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Plate
A piece of the earth's crust.

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Quota
A restriction in the quantity of a particular good or service that a country is allowed to sell/trade.

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Subsistence
Where a farmer grows produce for his/her family, and little to no produce is sold for cash.

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Tariff
A duty (tax) on goods imported into a country.

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Transnational Company
TNC for short and also known as a 'multinational corporation', this is a company that owns and operates manufacturing or service businesses in more than one country.

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