Vocabulary
Annemarie Byers
Types of economies
Dictatorship-power through force
Monarchy-reign passed down/inherited
Traditional-bartering, money has no value
Free enterprise/capitalist-limited government involvement, people answer questions
Mixed-partial government involvement through mandatory laws and regulations that businesses must follow
Command-communism
Factors in balancing world peace
United Nations-keeps world peace and prevents another world war
Sanctions-used by UN to punish a country for an international violation
NATO-military alliance-democratic countries-Europe and North America
Vocabulary continued
Communism
Marshall plan-helped Europe recover form war using our money
Cold War-capitalism vs. communism
Group: ethnicity, religion, language, etc
Genocide-mass killing targeting a specific group for their ethnicity, religion, race, nation or language
Stateless nation-group with language or culture that aren't the majority in a nation state.
Trading
Outsourcing-obtaining goods or services from a foreign supplier
Infrastructure-systems needed for operations of an economy
Subsistence agriculture-self suffient farming
Tariff- tax on imports and exports
NAFTA-contribute to economic prosperity's
Globalization-increased flow of trade, people, technology, culture and ideas among countries.
GDP-total value of goods and services produced in a nation state within a specific amount of time
OPEC-help members control worldwide oil prices and production quotas
Economy
Economic levels
Secondary-processing and manufacturing
Tertiary-business and professional services
Quarternary-information and intellectual services
Quinary-high level decision making