Vocabulary SMORE

Pilar Salazar

Levels of Economics

Primary- Raw materials

Secondary- Processing and manufacturing

Tertiary- Business and professional services

Quaternary- Information and intellectual services (education, research)

Quinary- High level decision making (top executives/officials in fields like government, science, universities, nonprofit, healthcare, culture, and media)

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NATO- (North Atlantic Treaty Organization) formed as a military alliance among democratic countries in Europe and North America

EU- (European Union) supranational cooperation to work toward shared goals

UN- (United Nation) works to maintain friendly relationships between countries and promotes economic development

Sanction- used to punish country (diplomatic- take away embassies, economic- ban trade with a country, military- using military to force compliance)

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Democracy- Citizens hold power either directly or through elected representatives

Dictatorship- One person usually takes over with force, and is in charge of military

Monarchy- King and Queen passed down through family

Traditional- Money has no value

Free Enterprise/Capitalist- (Market) limited government involvement

Mixed- Some government involvement through mandatory laws and regulations

Command- (Planned) government controls production and makes all decisions


EU- Created powerful trade block to increase influence over the world

OPEC- (Organization of Petroleum Exporting Countries) sets standard oil prices

NAFTA- (North American Free Trade Agreement) US, Canada, and Mexico work together to slowly get rid of tariffs

Globalization- Increased flow of trade, people, technology, culture, and ideas among countries

Outsourcing- Goods or service from an outside/foreign supplier in place of internal source

Infrastructure- Basics needed to keep economy going

GDP- (Gross Domestic Product) value of all goods produced in a country within a specific time

Tariff- Tax to be paid on particular imports or exports

Subsistence Agriculture- Self sufficiency farming

Cold War

Cold War- War between US & USSR over ideas that led to distrust and hostility

Truman Doctrine- US promised economic and military help to help end communism

Marshall Plan- Offered $13 billion to help rebuild post war Europe

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People Grouping

Diversity- Having people of different races or of different culture in a group or organization

Stateless Nation- Group of people with distinctive language and culture that aren't the majority

Genocide- The killing of a large group of people, especially ones of particular ethnic group or nation