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vocab
Term | Definition |
---|---|
fundamentalism | a form of a religion, especially Islam or Protestant Christianity, that upholds belief in the strict, literal interpretation of scripture. |
abdicate | (of a monarch) renounce one's throne |
radical (in regards to beliefs) | advocating thorough or complete political or social reform |
domestic | of or relating to home |
consumer economy | an economy largely dependent on end consumers rather than intermediary businesses |
installment plan | an arrangement for payment by installments. |
Gross National Product | the total monetary value of all final goods and services produced in a country during one year |
assembly line | a series of workers and machines in a factory by which a succession of identical items is progressively assembled |
welfare capitalism | that includes comprehensive social welfare policies. Welfare capitalism is also the practice of businesses providing welfare services to their employees. |
speculation (in the stock market) | risking transactions on the chance of quick or considerable profit |
buying on margin | Allowed people to put down payments as low as 10 percent |
contraction | a period of decreased business activity |
depression | Economic crisis beginning with the stock market crash |
inflation | characterized by, or tending to cause monetary inflation. rising prices of goods |
totalitarian | a person advocating a system of government that centralized and dictatorial. |
fascism | A system of government characterized by strict social and economic control |
purges | violent removal of a group of people from an organization or place |
appease | the policy of acceding (giving in) to the demands of potentially hostile nation in the hope of maintaining peace |
blitzkrieg | military tactic designed to create disorganization among enemy forces through (lighting war) |