According to Longman Dictionary of Contemporary English, "in terms of" can be used for describing either plural or singular fact or event.
Here are two examples from the dictionary:
1. Femininity is still defined in terms of beauty. (Beauty is singular)
2. It's too early to start talking in terms of casualties. (casualties is plural)
"In term of", on the other hand, does not exist in the dictionary. Nevertheless, we still can use "a term of", "in the long term", etc.
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Written by: Xaivier Chia
Longman Dictionary of Contemporary English 4 with CD