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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Peace

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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Government/Economy

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

Trade

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