This paper aims to improve our understanding of how transnational terrorist organizations emerge, survive, thrive, and eventually die. We use a data set that catalogues terrorist organizations and their attacks over time (the ITERATE data base of thousands of terrorist events from 1968 through 2007) and merge those data with socio-economic information about the environment in which each attack occurs. We use these data to trace the life-cycle pattern of terrorist activity and the organizations that perpetrate them. We identify at least two types of terrorist organizations -recidivists and one-hit wonders. We find that recidivist organizations, those that have repeatedly attacked, are less likely to survive once political and socio-economic factors have been included. However, we find that sporadic or one-hit wonders are not easily deterred by socio-economic factors, leaving open a role for counter-insurgency tactics.JEL Codes: E6, H1, H5, D74, O11