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Vocabulary week 11 Government and Econ

Vocabulary week 11 Government and Econ
Alliance – the union of two or more groups, usually to achieve a common goal.
Dictator- a ruler with absolute power and authority.
AIDS- Acquired Immune Deficiency Virus Syndrome, a serious, often fatal disease.
HIV- the virus that causes AIDS.
Sanction- a penalty or pressure to get a country to change its policies.
Gross Domestic Product- the total market value of the goods and services produced by a
country’s economy during a specific period of time.
7. Radioactive- emitting high energy waves or particles; anything radioactive is dangerous
for living beings to handle.
8. Entrepreneur- someone who has a good idea for a good or service and takes the risk to
produce it.
9. Bartering – trading goods for other goods without the exchange of money.
10. Traditional economy – Most of the economic decisions are made based on custom and
habit of how decisions were made in the past.
11.Laissez-Faire – a French phrase meaning “allow them to do as they please” used to
reference government involvement in economics.
12. Voluntary Trade – goes on when both parties in the transaction see that they will be
able to gain something in the exchange.
13. Specialization- producing the goods and services a country can provide most
14. Trade Barriers- anything that slows down or prevents one country from exchanging
goods with another.
15. Human Capital – the knowledge and skills that make it possible for workers to earn a living
producing goods or services.
16. Conflict Diamonds- diamonds that are mined and the put on the market to fund armed
17. Uranium – and element that is an essential part of nuclear weapons.
18. Republic A country with elected representatives.
19. Diplomatic relationship – friendly relationship
20. Civilian – person who is not part of the military
Vocabulary week 11 Government and Econ