Vocabulary
By: Ayden Tollefson
Levels of economic activity-
Primary- Raw materials.
Secondary- Processing & Manufacturing.
Tertiary- Business & Professional services.
Quaternary- Information & Intellectual services.
Quinary- High level decision making.
EU-
The EU, "European Union", was formed in 1993 for the purpose of achieving political and economic integration for all members.
Truman Doctrine-
A principle in which the U.S should give support to countries threatened by the Soviets or other communist parties.
Marshall Plan-
A program made by the U.S which gave large amounts of economic aid to European countries after WW2.
Cold War-
The state of political hostility between the Soviets and the western powers between 1945 and 1990.
NATO-
The "North Atlantic Treaty Organization" was formed in 1949 by the North Atlantic Treaty for the purpose of collective defense for all its members.
UN-
The "United Nations" we're formed in 1945 to increase political and economic cooperation between all member countries.
Forms of Government-
Democracy- A system of government where the power lies on the people.
Dictatorship- A type of government where the power lies on one person, the dictator.
Monarchy- A form of government where there is a monarch (royal family member) in charge.
Types of Economy-
Command- Full government control.
Free Enterprise- Limited government involvement. Socialism.
Traditional- traditions, customs and beliefs shape the goods and products the society creates.
Mixed- Limited government involvement, mandatory laws and regulations, takes parts from all of the economies.GDP-
"Gross Domestic Product"- All of the goods and services produced by a nation state.
Stateless Nation-
A group with a language that are not the majority in a nation, therefore do not have a state.
OPEC-
The "Organization of Petroleum Exporting Countries" was formed to control worldwide oil prices and the production quotas.