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Bretton woods is the of a conference that hosted 44 country's after the first world war. In this conference the country's where trying to help those who's economy was greatly impacted by the war. Two institutions were made because of this, The International Monetary Fund and the World bank.

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Communism is the political theory that all property is owned by the government and there is no individual gain or say in how things are done within the society. In a communist government the market is fully controlled and manipulated by the government which ensures everyone gets the same pay and collective gain is viewed more important than individual success. North Korea is a prime example of a communist government because everything is publicly owned and there is no individual gain.

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The world bank is an organization that was established in hopes to reduce poverty and promote growth in war torn or third world countries. The World Bank is geared towards long term growth instead of short term and funds infrastructural projects etc.

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GATT is the General Agreement on Tariffs and Trade. Gatt was created to regulate international trade and reduce tariffs aswell as other trade barriers.

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Outsourcing is a method that companies use in order to increase production and take advantage of the cheap labor. Many companies look to outsourcing because they don't have to pay the workers of the country as much as they do the workers of their home country.

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A sweatshop is a term used to describe workshops in third world country's. These shops are what TNC's use to manipulate outsourced country's because the work laws in those country's aren't as strict as their home. This leads to workers being payed minimally and work conditions are far below what is acceptable. Companies such as Nike and Adidas use these shops in order to speed up production and for cheap labor.

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TNC is the short term for Transnational Cooperation and TNC's provide many benefits for the company itself as well as the host country. TNC's introduce new jobs in country's that

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Fair trade is a method of trade where the producers of the product are paid reasonably and work conditions are better than those of a sweatshop. When an item participates in fair trade you will find a logo on the back of it distinguishing that this product was made by someone who received fair things in return such as pay.

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The rate at which prices of goods and services rise is referred to as inflation. Inflation is seen in many markets today such as the tech industry. When a new phone comes out so does the price and how the price has changed from the last model represents the inflation rate.

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NAFTA is short for the North American Free Trade Agreement. NAFTA was an agreement between Canada, the United States, and Mexico that decreased tariffs and introduced free trade in North America

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Supply and demand is a theory that exist in economics. It suggests that whenever an objects supply goes up so does the value and when it goes down value increases. An example of this would be when shopping fo

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A tariff is a tax that country’s put on incoming goods that are exported to their country. Country’s put tariffs on country’s to decrease competition for companies in their own country because of it cost more to buy an imported product you will most likely go for the cheaper version at home.

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The quaternary industry is responsible for the information side of economics. The quaternary industry consist of many jobs such as tech support and research and gathering positions.

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The tertiary industry is the industry that provides services for the people. This industry is influential to society because it provides all people even those of lower social status or money to be have the same resources of those who are rich. Examples of this are public transportation, health care, and financial institutions.

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The manufacturing aspect of economics is referred to as the secondary industry and include people turning natural resources into goods to be bought by consumers. An example would be coffee manufacturers turning the raw bean into something they can sell.

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The primary industry is responsible for the gathering and extracting of raw materials. These materials can include gold, diamond, copper, and even fish. An example of this would be any job that includes dealing with natural resources such as farming, mining and fishing.

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The WTO is short for the World Trade Organization that was made to ensure that world trade goes smoothly snd freely. The World Trade Organization also lays down rules for countries to follow and if they are broken can include consequences.

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The IMF is a world bank that’s stands for the International Monetary Fund. The International Monetary Fund is a bank that gives loans to country’s for short term solutions to their problems. In order to recieve a loan from the IMF a country has to be obedient to its many rules or else you’ll be fined.

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Scarcity is the theory that states that humans want way more than there is available. This can include clothing items as well as food supply and this can be very negative because at one point human kind will have used so much there is nothing left for future generations. An example would be diamonds and how sought after they are. Everyone wants them but there just isn't enough to go around which is why the price is so high.

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An economy is a cycle within country's that is solely revolved around money and how it is made and spent. An economy consists of the trade, consumption, distribution, and productions of goods. These goods are limited and how limited they might be determines the price at which the are set at. An example is a gold watch. How rare this watch is will be the factor that decides the price.