Fundamental Economic and Industry Concepts

Government Deficit

In economic terms, it is the negative difference between income and expenditure recorded by a public administration over a period of time.

Offshoring

The expression for shifting some production to other territories, often referred to as industrial relocation or moving manufacturing lines beyond national borders.

Currency

The currency of a country, viewed in relation to other currencies. The term is also used to designate all payments made in foreign currency.

Alternative and Renewable Energy

Energy sources that have continuous regeneration and are inexhaustible, even though they may experience fluctuations in intensity. Types include:

• Solar
• Wind
• Hydro
• Geothermal
• Tidal
• Biomass

Specialization

(Agricultural, industrial, etc.) The action of specializing in a particular activity and dedicating competition exclusively to it.

Feedlot

A fixed place for the residence and maintenance of animals in a stable, either temporarily or permanently.

• Stabling, Standing: Animals occupy a fixed place and are restrained.
• Stabling, Free: Animals are not restrained and can move freely within the stable.

Structural Funds

Funds used to finance 'structural' community activities within the European Union.

Sources of Energy

Physical and chemical elements capable of producing thermal, mechanical, or electrical energy.

Animal Breeding

An agricultural activity involving the breeding of domestic animals for obtaining meat, milk and dairy products, wool, skins, etc.

Rural Housing

A form of human settlement characterized by activities primarily related to the primary sector. It may be:

• Sparse: When the human population (available housing) is based in a fragmented territory.
• Concentrated: When it is grouped together.

Heavy Industries

Industries involved in the manufacture of considerable materials, such as steel. This is opposite to light industry, which involves the manufacture of slightly smaller products, using small amounts of raw materials.

Manufacturing Industries

Industries involved in the conversion of raw materials into manufactured products.