Glossary of Scenario Terms

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 Browse or search for a term alphabetically by clicking the appropriate letter above, or enter the term below to search all the pages in the glossary.

 

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factors of production: things, which are necessary for economic activity, used to create things that have economic value. 

 

Falun Gong: a Chinese movement with a following of about 70 million. Falun Gong’s members practice an ancient Chinese art of breathing and meditation exercises, which they believe will lead to spiritual enlightenment and improved health. The groups’ doctrines draw on martial arts, Buddhism and Taoism. Falun Gong gained international prominence in 1999 because of efforts by the Chinese government to ban it and stop its members from meeting, claiming that they were spreading fallacies and endangering social stability. 

 

fascism: an authoritarian philosophy of government that glorifies the state and nation and assigns to the state control over every aspect of national life. financial markets: places where corporate stocks, government bonds and foreign currencies can be traded. If a country’s financial markets are open to international investment, then foreign investors can use the financial markets to invest their money in that country’s companies without having to physically build and run the companies themselves. Financial markets serve many other purposes in addition to trading stocks, bonds and currencies, but for this scenario, it is sufficient to note that financial markets can be an extremely important source of accumulating funds to invest in big projects.

 

 FDI: see foreign direct investment  

 

Five Principles of Peaceful Co-Existence: the formal principles that outline the terms under which China will establish diplomatic relations with other countries. Established by Mao Zedong in 1949, the principles are: mutual respect for territorial integrity and sovereignty, mutual non-aggression, non-interference in each other’s internal affairs, equality and mutual benefit, and peaceful coexistence. 

 

First World: countries that are highly developed and industrialized. They are significantly wealthier than the Third World countries, and face different issues. They frequently conflict with the Third World countries on the environment and human rights. 

 

flaring: the burning of natural gas off oil wells during crude oil production. Flaring produces greenhouse gases that contribute to global warming. It also causes health problems among people living nearby. 

 

orced religious conformity: the imposition of a particular religion on an entire population regardless of whether they want to accept that religion or not. 

 

foreign aid: government assistance, usually in the form of monetary grants, given from one country to another for the purpose of economic stabilization or development, or for mutual defense. 

 

foreign direct investment: (FDI) investment in the businesses or industries of one country by business or banking interests that are based in another country. 

 

fossil fuels: fuels that were created as a result of natural processes of decomposition and compression. Coal is one of the most widely used fossil fuels. 

 

free market: an economy that limits government to a small role. Also known as a capitalist economy, it stresses the independence of businesses to make their own decisions. It is opposed to the planned economy, where governments make all decisions. 

 

Free Trade Zone: an agreement between two or more countries to do away with tariffs and trade barriers as a way to increase trade among the countries involved. 

 

free trade: trade between countries, free from governmental restrictions or duties.  

 

fundamentalism: a certain kind of religious conservatism that takes its sacred text as literal truth. It may be based on Christianity, Islam, or another religion. Fundamentalism advocates the adherence to Koranic (or Biblical) prescriptions and values in social and political life, as well as private life. It makes no concessions to modern developments in thought or customs.