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6th Grade

Unit 6 vocabulary

Dominion self governing nation that accepts the british monarch as head of state
Common Wealth partly self governing group of sovereign states
Federal Government Government with power divided among local, regional and national governments
Parliamentary Democracy Government run by officials elected to a law making body called the parliament
Constitutional Democracy Government where king or queen is head of state and is restricted by laws but is run by elected officials.
Market Economy Individuals own resources and decides what and how to produce prices and wages are determined by supply and demand.
Transitional Economy Customers and transitions decide every economic decision. Resources are shared and bartering is used.
Command Economy Government owns resources and controls production, prices and wages
Tariff A list of taxes placed by a government on imported goods.
Quota Number limit of how many of a particular product can be imported from another country.
Embargo Order that restricts or prohibits trade with another country.
Trade barriers A governments attempt to manage trade to benefit their economy.
NAFTA an arrangement between Mexico, US and Canada to eliminate all trade barriers between them
Standard of Living A level of material comfort in terms of goods and services available to someone or some group.
Literacy Rate percentage of people above the age of 15 who can read or write.
GDP An economic measure used to determine a countries economic output during a fiscal year.
Acid Rain Rain contains high amounts of chemical pollutions.
Mineral A naturally occurring substance that is solid, organic and contains elements.
Natural Resources product of the Earth that people use to meet their needs.
Colonization The act or process of establishing a group of colonies.
Deforestation widespread cutting of forest
Inuit Indigenous people of Canada who live in a nunavut territory
Bilingual referring to a country that has two official languages.
Mixed Economy economy where individuals own most of the resources and controls production with government regulation of certain industries.
Created by: gjenkins2