Smore Vocabulary Words

Nicholas McElroy

Economic Systems

Free Market

Limited GOV. Involvement, high quality goods due to competition, government lets the people awnsers 3 basic economic questions.

Traditional

A traditional economy is an original economic system in which traditions, customs, and beliefs shape the goods and the products the society creates. Countries that use this type of economic system are often rural and farm-based.

Mixed

Some gov. Involvement through mandatory regulations.

Command.

The government owns and controls everything. Government controls production and makes all decisions.

Levals of Economic Activity

Primary

Raw materials

Secondary

Processing and Manufacturing

Tertiary

Business and professional services.

Quaternary

Information and intellectual services.

Quinary

Higher level decision making.

Influental Groups of Countries

NATO

North Atlantic Treaty Organization- Alliance between democratic nations. Formed during the cold war as a way to try to unite the democratic countries in the face of Russia. It really was another move to stop the spread of communism.

OPEC

Group of oil exporting countries of the middle east.

UN

United Nations is a group of countries that promotes world peace.

NAFTA

North American Free Trade Agreement between America, Canada, and Mexico that promotes economic prosperity.

Government Systems

Democracy

Citizens hold power through elected representatives.

Dictatorship

The power lies in the hands of one person and not the people.

Monarchy

The power lies to a royal family. They make all the decisions and they are carried out simply by their word.

Economic Terms

GDP

Gross Domestic Product- Value of all goods and services produced within a countries borders.

Gloabalaization

Increase flow of international trade.

Sanction

Used to punish a country for misbehavior. Three types of sanctions.

Outsourcing

Companies obtaining goods/services from foreign countries.

Tariff

Tax on imports and exports.

Infrastrucure

The very basic building blocks of an economy.

Diversity

Concept that includes the products, workforce skills and capabilities in a local economy, in addition to how well that economy is able to compete in the global marketplace.

Anti-Communist Actions

Truman Doctorine and Marshall Plan

Truman Doctrines purpose was to contain communism. Marshall Plan purpose was to help Europe recover from WW2 with Americas money.

Murdering Terms

Genocide

Mass killing of a certain group.

Farming

Subsistence Farming

Farming to feed the farmer and the farmers family.

Social Terms

Stateless-Nation

Group with language, culture, and religion that are not the majority.