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Final Exam Review

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
Created by: hspradli