Vocabulary

Anastasia hickman

Economic activity

Primary- making and producing of raw materials and basic food.

Secondary- manufactorying of goods.

Tertiary- service industry

Quarternary- intellectual activity. ( scientific reasearch, education, information technology)

Quinary- high level decision making.

Types of economy's

Democracy- citizens vote for there representatives, the citizens have the power.

Monarchy- oldest form of government, ran by kings and queens.

Traditional economy- money has no official value, example: you eat what you grow.

Mixed economy- government involvement for mandatory laws and regulations.

Subsistence agriculture- eat what you grow, make everything you need.

Free enterprise/ capitalist- an economy that invests in production, distribution, and exchanges of wealth.

Organizations that function to keep peace

OPEC- purpose is to manage oil prices works wide and production quota.

EU/ European Union- brings countries together with similar problems but still allows them to be separate countries.

UN/ United Nations- peace keeping organization made to replace League of Nations

NATO- military alliance between democratics in Europe and North America.

Documents

Tariffs- tax on imported goods.

Sanction- punishments for countries that disobeys laws.

Truman doctrine- military and economic help to stop communism.

Marshall plan- offered $13 billion dollars to help reconstruct east Europe and not join communism.

NAFTA- has created cooperation on trade and economic issues.

Globalization- increase flow of trade, people, technology, culture, and ideas among countries.

GDP- is a total value of all goods and services produced within a country in a given period of time.

Negative

Genocide- when an ethnic group is getting hurt by other people, like the Hutus vs the Tutsi.

Cold War- a war of ideas, not an actual war.

Outsourcing- when jobs are sent to another place for cheaper work.

Postive

Infrastructure- basic support system to keep an economy going.

Diversity- Being different