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Concepts (Welfare State: Political system based on the premise that the…
Concepts
Welfare State: Political system based on the premise that the government has the responsibility for the wellbeing of its citizens
Regionalism: A regional trading bloc is a group of countries within a geographical region that protect themselves from imports from non-members in other geographical regions, and who look to trade more with each other.
Economic globalization: refers to the mobility of people, capital, technology, goods and services internationally, and how integrated a country is into the global economy 
Neoliberalism: policy model of social studies and economics that transfers control of economic factors to the private sector from the public sector. Uses the basic principles of neoclassical economics.
Economics: Social science concerned with the production, distribution and consumption of goods and services.
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Economic/business cycle: Recurring, fairly predictable, general pattern of periodic fluctuations in national economies.
Market: Place where forces of demand and supply operate, and where buyers and sellers interact (directly or through intermediaries) to trade goods, services, or contracts or instruments, for money or barter.
Supply: To provide something that is wanted or needed, often in large quantities and over a long period of time.
Demand: in economics is how many goods and services are bought at various prices during a certain period of time. Demand is the consumer's need or desire to own the product
Macroeconomics: Examines the economic behavior of individual units such as consumers or households or individual firms
Economic Crisis: A situation in which the economy of a country experiences a sudden downturn brought on by a financial crisis.
Globalization: Expansion of International cultural, economic and political activities
Welfare State: Political system based on the premise that the government has the responsibility for the wellbeing of its citizens
Free trade agreement: Treaty between two or more countries to establish a free trade area where commerce of goods and services (but not of capital or labor) can be conducted across common borders.
Trade embargo: A government order that restricts commerce or exchange with a specified country. The restriction looks to isolate the country and create difficulties for the government, forcing it to act on a certain issue.
Economic union: A common market involving more than one nation based on mutual agreement to permit the free movement of capital, labor, goods and services.
Economic miracle: Informal term that refers to a period of dramatic economic development that is unexpected.
Economic Integration: There are several stages in the process of economic integration, from a very loose association of countries