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Global Studies Vocab - Economic Systems - Set 7

AB
SonghaiOne of the west African Trading Kingdoms. They were rich in gold and established a vast trading network across the Sahara desert.
Soviet Union (U.S.S.R.)Union of Soviet Socialist Republics (USSR) Formed in 1922 from most of the former Russian Empire. The Soviet Union was controlled by the Communist Party headquarter in Moscow, Russia. The Soviet Union was a world superpower along with the United States, and was one of the two major antagonist during the Cold War.
Stalin, Josef(1879-1953) The General Secretary of the Soviet Communist Party from 1922 until 1953. Known for his brutality in dealing with opponents and his failed policies of collectivism that caused widespread famine across the Soviet Union.
starvationThe process of dying due to lack of food.
Stock Market Crash(1929)The steep fall in the prices of stocks due to widespread financial panic. It was caused by stock brokers who called in the loans they had made to stock investors. This caused stock prices to fall, and many people lost their entire life savings as many financial institutions went bankrupt.
stockholderA person holding ownership of part of a company or business venture.
superpowersTerm given to the United States and the Soviet Union during the Cold War.
tariffA tax on imports.
terrace farmingThe cutting out of flat areas (terraces) into near vertical slopes to allow farming. Terrace farms appears as steps cut into a mountainside. This adaptation allowed both the early Chinese, and the Inca of Mesoamerica to grow enough food for their large populations.
tradeThe exchange of goods or service between people.
trade fairA gathering of merchants, craftsmen, and artisans to buy and sell goods and service during late Middle Ages.
traditionA long-established custom or belief.
traditional economyAn economy based on agriculture, with others in society working in simple crafts, such as the manufacturing of cloth or pottery.
Triangle TradeA catch all phrase for the trade occurring between Europe, Africa, and the Americas. Trade goods include raw materials from the Americas, manufactured goods from Europe, and slaves from Africa.
urbanizationThe movement of people to urban areas in search of work.
Wealth of NationsBritish philosopher and writer Adam Smith‘s 1776 book that described his theory on free trade, otherwise known as laissez-faire economics.
working classLowest class in most social class systems, including factory workers, miners, and others.
World War I(1914 – 1918) European war in which an alliance including Great Britain, France, Russia, Italy, and the United States defeated the alliance of Germany, Austria-Hungary, Turkey, and Bulgaria.
World War II(1939 – 1945) A war fought in Europe, Africa and Asia between the Allied Powers of Great Britain, France, the Soviet Union, and the United States against the Axis Powers of Germany, Italy, and Japan.


Mrs. Austro

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