CIVIL WAR REVIEW: VOCABULARY

VOCABULARY 1.State: The organization that has a legitimate monopoly on lethal force. While states have the power to do much more than this, it is on the basis of this fact that all other powers derive their capacity to affect our lives. Governments administer, or “run” states. 2.Revolution: A major change in society that can be traced in a human lifetime. These changes can be social, political, economic or all of these at once. 3.Capital: Anything that can be “used” or “invested” “today” in order to obtain benefit in some future date. It can be money (finance) but is not limited to this. 4.Technology: Any thing that humans “use”, be it natural or artificial in order to do something. Technology is not limited to electronics. It isn’t either good or bad. 5.Economics: The study of the use of scarce resources in the context of the scarcity of time itself. In other words, the study of how we choose how we use resources that are not infinite.

VOCABULARY (CONT’D) 6Resource: Anything humans use as such. This includes technologies as well as those things we use because we need them or want them. 7Demand: All that consumers want to have and can “pay” to have. 8Supply: All that is at offer for consumption for a price. 9Market: Where all those who demand and all those who have supply meet to address the question of what is to be made, how, for whom, why and when. Price is where demand and supply “meet”. 10Urban: Refers to cities or things that are found in or of them.