Economic Vocabulary
Economics: The study of how people satisfy their wants and needs. Also 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. The government controls industry and agriculture and decides what goods will be produced, how those goods will be made, and the prices that consumers will pay for them.
Market economy: Operate in response to the laws of supply and demand and to market forces such as the scarcity of goods and resources
Globalization: The reduction of barriers to the movement of goods and services, workers, and money among nations.
Economic System: a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.
Bourgeoisie: French for “town dweller.” Middle class. In Communist terms, they are the people who own the means of production
Gross Domestic Product: The sum of all goods and services produced in a country within one year. Used to express the size of an economy.
Laissez-faire: French for “let do.” Used to describe a “hands-off” approach to the economy. Little/no government interference.
Means of production: The facilities and resources for producing goods.
Proletariat: Workers, working-class people
Subsidy/Subsidize: Government provides financial support (to business or public need)
Capital: Wealth (money, gold & silver, stocks, bonds)
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.
Principles of Sovereignty:
countries should respect the borders of other countries and not use force to change them
countries should not interfere with other countries’ domestic areas
governments should have complete authority within their borders
Nationalism: identification with one's own nation and support for its interests, especially to the exclusion or detriment of the interests of other nations.
Cultural diffusion examples:
The French started adapting the American tradition of celebrating Halloween in the 1990s.
The French use American words.
The French eat at American fast food chains.
Economics: The study of how people satisfy their wants and needs. Also 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. The government controls industry and agriculture and decides what goods will be produced, how those goods will be made, and the prices that consumers will pay for them.
Market economy: Operate in response to the laws of supply and demand and to market forces such as the scarcity of goods and resources
Globalization: The reduction of barriers to the movement of goods and services, workers, and money among nations.
Economic System: a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.
Bourgeoisie: French for “town dweller.” Middle class. In Communist terms, they are the people who own the means of production
Gross Domestic Product: The sum of all goods and services produced in a country within one year. Used to express the size of an economy.
Laissez-faire: French for “let do.” Used to describe a “hands-off” approach to the economy. Little/no government interference.
Means of production: The facilities and resources for producing goods.
Proletariat: Workers, working-class people
Subsidy/Subsidize: Government provides financial support (to business or public need)
Capital: Wealth (money, gold & silver, stocks, bonds)
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.
Principles of Sovereignty:
countries should respect the borders of other countries and not use force to change them
countries should not interfere with other countries’ domestic areas
governments should have complete authority within their borders
Nationalism: identification with one's own nation and support for its interests, especially to the exclusion or detriment of the interests of other nations.
Cultural diffusion examples:
The French started adapting the American tradition of celebrating Halloween in the 1990s.
The French use American words.
The French eat at American fast food chains.
