Vocabulary SMORE
Pilar Salazar
Levels of Economics
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)
Peace
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)
Government/Economy
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
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
Truman Doctrine- US promised economic and military help to help end communism
Marshall Plan- Offered $13 billion to help rebuild post war Europe
People Grouping
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