Fundamental Economic and Tourism Terminology

Service Economy

It is an economic and social transformation that primarily affects developed countries since the last phase of the industrial revolution. It is not only that the employed population in the tertiary sector (services) becomes larger than the secondary sector (industry), but also how the work itself in this sector is increasingly disseminated and outsourced.

Welfare State

A more specific concept, which in practice is considered a category to designate either a set of proposals or a general approach regarding how the state should or could proceed. For example, the Spanish state provides education and healthcare.

Rural Tourism

A tourist activity that is performed in a rural area, usually in small towns or outside the village in larger towns. The facilities are often old farmhouses and hamlets that have been renovated and adapted. They are often family-run and offer quality service, sometimes by the owners themselves. Various types include:

• Cottage
• Rural housing
• Rural hotel
• Rural tourism center
• New tourism hostels

Navarre is a pioneer in rural tourism.

Domestic Tourism

Leisure activities that people within a nation engage in during their travels and stays. Most domestic tourists come from large towns, many traveling for work, fairs, or for regular leisure trips. It is usually very popular at Easter.

Retail Trade

It is the trading company that sells products to final consumers. Retailers are the last link in the distribution channel, in direct contact with the main market. They can alter the marketing and merchandising activities of wholesalers. They are capable of influencing manufacturers and the final results and sales of the items they commercialize. They buy products in bulk from manufacturers or importers, either directly or through a wholesaler, and sell individual units or small quantities to the general public. For example, a neighborhood grocery store.

Wholesale Trade

The buying and selling activity where the buyer is not the final consumer, but aims to resell the goods to another trader or a manufacturing company for raw material processing.

Balance of Trade

It is a record of a country's imports and exports during a period. It is also the difference between the total exports and total imports held in a country. This difference, which represents imports and exports, could be positive (a surplus) or negative (a deficit). The trade balance in Spain is often in deficit due to significant oil imports.

Balance of Payments

An accounting document that registers commercial operations, services, and capital movements carried out by residents of a country with the rest of the world, usually during a one-year period. It also provides detailed information on all transactions between residents and non-residents. For example, tourism is important for the balance of payments. It helps reduce a deficit or achieve a surplus.