| A | B |
|---|
| communism | govt that owns or controls nearly all of the factors of production |
| Bourgeoisie | people who own the means of production in a captialist nation |
| proletariat | the workers |
| socialism | the govt or the people as a whole own, or at least control. the factors of production and manage the distribution of goods |
| self-interest | the implulse that encourages the fulfillment of an individuals own needs and wants |
| mixed economy | one in which private enterprise and government action both play a role |
| Adam Smith | wrote the Wealth of Nations in 1776 |
| Supply and demand | goods that are in great supplu and for which there is little demand tend to have low prices and vice versa |
| competition | the effort that sellers of similar goods or services exert to attract the business of consumers |
| consumers | buyers of products |
| factors of production | the basic resources needed for a country's economy |
| entrepreneur | a person who takes on the risk of starting, organizing, and operation a business |
| capitalist | a person who invests his or her money, land, or machinery in a business |
| nationalization | the govt. takes over industries |
| high taxes | the most common feature of socialism |
| command economy | govt. controls all of the major economic processes |
| communist manifesto | a book written in 1848 that presented the basic principles of communism |
| Karl Marx | the founder of modern socialist ideology |
| class stuggle | the ongoing competition between economic gropus for resources and power |
| M. Gorvachev | last of the Soviet leaders;implemented glasnost and perestroika |
| Stalin | after the last Russian communist leader died in 1921, this man lead with an "iron fist" |
| Vanguard | a group of people that were supposed to lead a communist revolution |
| Lenin | a Russian Intellect and revolutionary; the most influential Communist leader of the 1900s |
| Bolshevik Revolution | the name of the revolt of Nov. 1917 |
| USSR | Union of Soviet Socialist Republics |
| interdependence | mutual reliance |
| refugees | people who flee their community or country to escape war or for economic or political reasons |
| neuclear proliferation | the spread in the ownership of nuclear weapons |
| ------- | 5 permanent memebers of the UN Council |
| U.S | ------- |
| Great Britain | ------- |
| China | ------- |
| France | ------- |
| Russia | ------- |
| deforestation | the clearing of forests |
| nonrenewable resources | natural resources that can be used only once |
| renewable resources | natural resources that can be replaced |
| global warming | a gradual rise in the world's average temperature |
| trading blocs | gropus of countries that ese trade among their members by setting various rules, such as the reduction of tariffs |
| trade deficits | the total value of imports into the U.S is higher than the total value of U.S. exports to other countries |
| comparative advantage | a principle that states countries should primarily produce goods they can generate at a relatively low cost and purchase goods they cannot |
| developed nation | an established wealthy country with a lot of industries and enterprises |
| developing nation | a nation with few industries and a low standard of living |
| international law | the rules that govern the relationships among independent countries |
| secretary general | the head of the UN council |
