Economic Vocabulary

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21 Terms

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