Trade and Economics Vocab
This economic system is based on private ownership, competition, and profit.
What is capitalism?
This type of policy deals with issues inside the United States like education and healthcare.
What is domestic policy?
This global organization works to maintain peace and cooperation among nations.
What is the United Nations (UN)?
This term describes when a country chooses not to take sides in a conflict.
What is neutrality?
Which branch of government is responsible for making laws?
Legislative Branch
This economic policy protects domestic industries from foreign competition.
What is a protectionism?
This type of policy involves how the U.S. interacts with other countries.
What is foreign policy?
This organization is an alliance states that an attack on one member is considered an attack on all members.
What is NATO
This policy describes staying out of foreign conflicts.
What is isolationism?
What is the main job of the Judicial Branch?
To interpret laws and decide whether laws are constitutional
This occurs when countries exchange goods with few or no trade barriers.
What is free trade?
This is a complete ban on trade with another country.
What is an embargo?
This is the organization that Ukraine would like to join
What is NATO?
This branch of government has the power to declare war.
What is Congress?
Which branch includes the president and carries out/enforces laws?
Executive Branch
This is a tax placed on imported goods.
What is tariff?
This formal agreement between countries must be approved by the Senate.
What is a treaty?
This type of organization operates independently of governments, like the Red Cross.
What is a non-governmental organization (NGO)?
This punishment blocks trade or financial activity with another country to influence behavior.
What is the Sanction?
If Congress passes a law but the president rejects it, what specific power is the president using?
Veto
This happens when a country imports more goods than it exports
What is trade deficit?
This strategy involves building relationships and resolving issues peacefully between nations.
What is diplomacy?
This international court settles disputes between countries.
What is the International Court of Justice (World Court)?
This measures the total value of goods and services produced within a country in one year.
What is Gross Domestic Product?
The Supreme Court declares a law passed by Congress unconstitutional. Which principle of government does this demonstrate?
Checks and balances (or judicial review)