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Economics
The study of how people satisfy their wants and needs/ the study of supply and demand.
Traditional Economy
People are concerned mainly with obtaining food, clothing, shelter, and other necessities.
Command economy
Operate at the will of the government.
market economy
Operate in response to the laws of supply and demand, respond to make forces such as scarcity of goods and resources
Globalization
The reduction of barriers to the movement of goods and services, workers, and money among nations
Economic systems
A system of production, resource allocation, and distribution of goods and services within a society or given geographical area
Bourgeoisie
Midd class.
Gross Domestic Product
The sum of all goods and services produced in a country within one year.
Laissez-faire
"Hands off" approach to the economy. Little to no government interference.
Means of Production
The facilities and resources for producing goods.
Proletariat
Workers, working-class people
Subsidy/subsidize
Government provides financial support
Capital
Wealth
State
A group of people in a. defined geographical area with a government that is recognized as a political unit by the international community
Nation
A group of people united by their shared commonalities but not recognized by the international community
Nation-State
A group of people united by their shared commonalities in a geographical area with a government that is recognized as a political unit by the international community
Nationalism
Identification with one's own nation and support for its interests, especially to the exclusion or detriment of the interests of other nations
Principle of Sovereignty #1
Countries should respect the borders of other countries and not use force to change them
Principle of Sovereignty #2
Countries should not interfere with other countries' domestic areas
Principle of Sovereignty #3
Governments should have complete authority within their borders
Cultural Diffusion
The spreading out and merging of pieces from different cultures.
Note 
Flashcard (20)