History 26-28

  1. Export
    • to sell goods to other countries
    • a good produce in one country, but sold to another
  2. Tariff
    a tax on an imported good
  3. Globalization
    individuals and nations working across barriers of distance, culture, and technology
  4. Import
    a good purchased from one country by another country
  5. Quota
    a limit on the amount of foreign goods imported into a country
  6. Internationalism
    involvement in world affairs
  7. Comparative Advantage
    the ability of a country to produce a good at a lower opportunity cost
  8. Global Interdependence
  9. Capitalism
    a system in which private citizens own most, if not all, of the means of production and decide how to use them within legislated limits
  10. Communism
    economic system in which the central government directs all major economic decisions
  11. Socialism
    economic system in which government owns some factors of production and distributes the products and wages
  12. Command Economies
    an economic system in which the major economic decisions are made by the central government
  13. Market Economies
    system in which individuals own the factors of production and make economic decisions through free interaction
  14. Authoritarian
    a government in which one leader or group of people holds absolute power
  15. Absolute Monarchy
    a monarch that has complete and unlimited power to rule his/her people
  16. Dictatorship
    a government controlled by one person or a small group of people
  17. Totalitarianism
    a system in which government control extends to almost all aspects of peoples lives
  18. Constitutional Monarchy
    the power of the herditary ruler is limited by the country's constitution
  19. Presidential
Card Set
History 26-28