click below
click below
Normal Size Small Size show me how
Final Exam Review
Question | Answer |
---|---|
socialism | a government in which the means of planning, producing, and distributing goods is controlled by a central government that theoretically seeks a more just and equitable distribution of property and labor |
industrialization | The process of changing from an agricultural society to large-scale production society |
political revolution | an upheaval in which the government is completely replaced |
republic | form of government marked by separation of powers and citizen vote for elected officials |
coup d' etat | a sudden violent overthrow of government leader |
nationalism | the idea that people with common language, culture, and history should have its own nation-state |
constitutional government | government based on a set of laws that people have agreed on. |
reform | make changes in order to improve it. |
imperialism | a more powerful country takes political and economic control of a weaker country |
militarism (this is what caused WWI) | a policy of aggressive military preparedness. |
subsistence farming | growing enough food to feed your family |
mercantilism | Creating and maintaining wealth by carefully controlling trade. |
OPEC | Organization of Petroleum Exporting Countries |
What has a major influence of oil prices in the world? | OPEC |
What is the purpose of OPEC? | 1.) sets the price at which its members can sell their oil. 2.) sets production levels--limits on how much can be produced and sold on the world market |
tariff | a tax or a duty to be paid on a certain category of imports or exports. |
NAFTA | North American Free Trade Agreement - 1994 agreement between US, Mexico and Canada that eliminated tariffs (taxes) on goods traded between the 3 countries |
Positive Effects of NAFTA | NAFTA Effects 1. No tariffs (taxes) 2. Increased trade between the 3 countries 3. Raises standard of living - more jobs disbursed BETWEEN all 3 countries |
Negative Effects of NAFTA | NAFTA Effects 1. Loss of US jobs that go to Canada & Mexico 2. Companies go to Mexico for lower labor cost |