Vocabulary

By: Ayden Tollefson

Sanction-

To penalize someone for an action.

Diversity-

A range of different things.

Levels of economic activity-

Primary- Raw materials.

Secondary- Processing & Manufacturing.

Tertiary- Business & Professional services.

Quaternary- Information & Intellectual services.

Quinary- High level decision making.

Outsourcing-

Obtaining goods and services from a foreign supplier.

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.

Genocide-

The deliberate killing of a people group, ethnic group, or nation.

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.

Types of farming-

Subsistance farming- self-sufficient.

Infrastructure-

The basic building blocks of an economy.

Tariff-

A tax on imports and exports.

NAFTA-

"North American Free Trade Agreement"

Globalization-

The increased flow of trade over a period of time.

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.