global Unit 3 Vocabulary

Vocabulary flashcards covering key economic, political, and social terms from Unit 3.

Rural

Relating to, or characteristic of the countryside rather than the town.

Urban

Relating to, or characteristic of a city.

Manufacture

To make (something) on a large scale using machinery.

Supply & Demand

The amount/quantity of something being sold on the market and the buyers' desire to pay for it, which often determines the price to set for that product/commodity.

Laissez Faire

French phrase for "Let it be" or "Let it go," meaning the government should not interfere in the workings of business or the free market (capitalism).

Capitalism

An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state (government).

Western

Living in or originating from the West, in particular Europe or the United States. Considered as part of the "western" culture.

Industrial

Relating to or characterized by a place with factories and manufactured goods.

Isolationist

A person or country favoring a policy of remaining apart from the affairs or interests of other groups, especially the political affairs of other countries.

Domestic

Existing or occurring inside a particular country, place or home; not foreign or international.

Communism

The last stage in Karl Marx's theory where he said that all people will own the means of production, there will be no property/land ownership, and society will be classless and stateless (no social classes or government).

Reform

Make changes in (something, typically a social, political, or economic institution or practice) in order to improve it.

Regulate

Control or supervise (something, especially a company or business activity) by means of rules and laws.