Vocabulary

Matthew Burn

Sanction

A sanction is a threatened penalty or law for disobedience.

Diversity

Diversity, in geographical terms, is when there is a variety of people of many different races, religions and many other things.

Primary

A primary economy is an economy that has direct use of the natural resources it uses.

Secondary

A secondary economy is one that transforms raw materials so that they can be made into goods.

Tertiary

The tertiary sector of the economy is the one that provides services.

Quaternary

The quaternary sector is similar to the tertiary, and it is the knowledge-based sector where services are also provided.

Quinary

This is the high-level decision making in an economy.

Outsourcing

Outsourcing is when companies move to areas where they can hire for cheap, therefore giving jobs to people in that country while the old workers are losing jobs.

European Union

The EU is a 28 member group of states, mainly in Europe, to help make decisions and think of each other as Europeans rather than individual countries.

Truman Doctrine

This was announced by President Truman in order to help Greece and Turkey while the Soviets tried to gain control.

Marshall Plan

This was when the United States gave economic aid to European countries after the devastation of WWll.

Cold War

  • This was the state of political hostility that existed between the Soviet bloc countries and the US-led Western powers from 1945 to 1990.

NATO

NATO is the North Atlantic Treaty Organization.

United Nations

The UN was made in 1945 to increase cooperation between the members.

Genocide

Genocide Is a large massacre of people with distinctive traits.

Democracy

A system of government by the whole population or all the eligible members of a state, typically through elected representatives.

Dictatorship

This is when a dictator controls the nation.

Infrastructure

The infrastructure is the physical structure that an are needs to operate.

Monarchy

  1. A monarchy is a form of government in which sovereignty is what decides the leaders of the government.

Subsistence Agriculture

Subsistence agriculture is self-sufficiency farming in which the farmers focus on growing enough food to feed themselves and their families.

Capitalist

This is an economic system that uses a free market for goods and services and private control for consumption and production.

Mixed Economy

  1. A mixed economy is an economic system combining private and public enterprise.

Command Economy

Command economy is when the economy is c

Tariff

A tariff is the tax placed on imported and exported goods.

EU

The EU is the European Union.

NAFTA

NAFTA is the NorthAmerican Free Trade Agreement.

Globalization

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

GDP

GDP stands for gross domestic product.

Stateless Nation

  1. A stateless nation is an ethnic group, religious group, linguistic group or other group that is not the majority population in a nation state.


OPEC

OPEC is the Organization of Petroleum Exporting Countries