Unit 6

by Kenzie Robidoux

Levels of The Economy

Primary

Raw materials

Secondary

Processing and manufacturing

Tertiary

Business and professional services

Quaternary

Infomation and intellectual services

Quinary

high level decision making

World Peace

EU

The European Union is a politico-economic union of 28 member states that are located primarily in Europe

United Nations

organization that includes virtually all countries in the world, with nearly 190 member nations.

NATO

The North Atlantic Treaty Organization, also called the North Atlantic Alliance, is an intergovernmental military alliance based on the North Atlantic Treaty

Sanction

any actions taken by one nation or group of nations to harm the economy of another nation or group, often toforce a political change

Group Ethnicity

Diversity

difference in age and race

Genocide

geno – meaning race cide – meaning killing

Stateless Nation

ethnic group, religious group, linguistic group which is not the majority population in any nationstate.

Trading

EU

The European Union is a politico-economic union of 28 member states that are located primarily in Europe

Outsourcing

obtain (goods or a service) from an outside or foreign supplier, especially in place of an internal source.

Infrastructure

Consists of the basic support systems needed to keep an economy going, including power, communications,transportation,water, sanitation, and education.

Subsistence Farming

is self-sufficiency farming

Tariff

a tax or duty to be paid on a particular class of imports or exports.

NAFTA

  • Mexico, along with the US and Canada, is a vital member of NAFTA (North American Free Trade Agreement).

Globalization

tendency of businesses, technologies, or philosophies to spread throughout the world

GDP

value of all the finished goods and services produced within a country's borders in a specific time period

OPEC

The group is the Organization of Petroleum Exporting Countries, also known as OPEC.

Type of Economy

Democracy

Citizens hold the power, either directly or through elected representatives.

Dictatorship

have centralized power around an individual or military group.

Monarchy

royal of the family rule the country

Traditional

economic system in which traditions, customs, and beliefs shape the goods and the products the society

Free Enterprise/ Capitalist

  1. an economic system in which private business operates in competition and largely free of state control.

Mixed

limited government involvement

Command

government controls all production and makes all decisions

Communism

Truman Doctrine

the principle that the US should give support to countries or peoples threatened by Soviet forces or communist insurrection

Marshall

A program by which the United States gave large amounts of economic aid to European countries to help them rebuild after the devastation of World War I

Cold War

a state of political hostility between countries characterized by threats, propaganda, and other measures short of open warfare, in particular.