emerging economy: an economy that is growing at a much higher rate than the world average, and sometimes even faster than the economies of the traditional world powers. emigration: the movement of people leaving one place to live in another place. European Pentagon: a large urban network formed primarily of London, Hamburg, Berlin, Milan and Paris. The imaginary lines that join these cities create the shape of a pentagon. The extended urban area of the European Pentagon includes major global cities (London and Paris), EU headquarters (Brussels, Strasbourg, Frankfurt and Luxembourg) and political decisionmaking centres connected to the Pentagon (such as The Hague, Amsterdam, Rome and Madrid). eurozone: an economic region consisting of European Union member countries that have adopted the euro as their common currency. It is possible for a country to be an EU member, but not be in the eurozone. For example, Sweden and Romania are EU members but do not use the euro as their currency. export: when a supplier or producer from one country sells goods or services to a customer in another country. external debt: the money that a country owes to other countries, international organisations or private financial institutions. extreme poverty: people with an income of $1.90 a day or less are considered to be living in extreme poverty. fallow land: land that is left uncultivated for one or two years to allow it to regenerate and recover its nutrients naturally. fertility rate: the average number of children that a woman has during her lifetime. fintech: a company that operates exclusively online to support banking and financial services. Its name comes from the combination of the start of the words financial and technology. fishing grounds: maritime areas where fish species are concentrated. foreign trade: the exchange of goods and services that takes place with other countries. free competition: a situation in which any individual or company can carry out any economic activity they wish, as long as they comply with legislation. free-trade area: a group of countries that eliminate or reduce trade or tariff barriers between them. However, these countries maintain the right the sign trade agreements with states outside the bloc. gender equality: a situation in which everyone’s opportunities and rights are the same, whatever their gender. ghetto: part of a city in which many poor people or many people of a particular race, religion, or nationality live separately from the rest of the population. global city: a city which has influence around the world, not just in its local area or country. globalisation: the increasing level of interdependence and integration of countries, cultures and economies around the world. global warming: an increase in the temperature of the Earth's surface due to an increase in greenhouse gases produced by human activities. greenhouse effect: a natural process by which a moderate temperature is maintained on Earth. It is caused by the existence of gases in the atmosphere that allow the Sun's heat to reach the Earth's surface and prevent all the heat from escaping again. This natural effect is being intensified by certain human activities, leading to an increase in the Earth's temperature. gross domestic product (GDP): total value of goods and services produced in a territory in a year. It represents the wealth generated by a territory. When the GDP is divided by the number of inhabitants, GDP per capita is obtained. This represents the average wealth of the population. G20: the main international forum for economic and financial cooperation. It consists of 19 countries and the EU. heavy industry: industry that uses a large quantity or weight of raw materials in its production. Normally, basic and capital goods industries are heavy industries, while consumer goods industries are light industries. historic centre: the oldest part of a town or city and usually its original centre. Buildings of great historic and artistic value are found here. Human Development Index (HDI): a measure of achievement in key areas of human development: a long and healthy life; being knowledgeable; and having a decent standard of living. ICT: the acronym for information and communication technology. immigration: people arriving in a place to live. import: when a customer in one country buys goods or services from a supplier or producer in another country. inactive population: working-age people who are not employed, nor looking for work. Industrial Revolution: a significant economic and social transformation brought about by modern industrialisation. It began in England in the mid-18th century. It was the first of several industrial revolutions. industrial tertiarisation: the integration of service activities into the industrial process. 245
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