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CMS Unit 6-Economics
CMS6-Unit 6-Environmental and Economics Vocabulary Review
| Question | Answer |
|---|---|
| In what type of economic system does the government own most major industries and make most major economic decisions? | Command economic system (economy) |
| In what type of economic system do private citizens own most businesses and make most economic decisions? | Market Economic system (economy) |
| In what type of economic system are customs and beliefs used to make most major economic decisions? | Traditional economic system (economy) |
| What type of economic system has features of command, market, and traditional systems? | Mixed economic sysytem (economy) |
| What is the term for goods brought into one country from another through trade or sale? | Imports |
| What is the term for goods or services traded or sold to another country? | Exports |
| What is the term for a fee (tax) charged for goods and servicesbrought into (imported) a country from another country? | Tariff |
| What is the term for a type of trade barrier in which a government places restrictions (ban) on the import or export of certain products(this is often backed with military force)? | Embargo |
| What is the term for a limit placed on the amount of a product that may be imported during a given period of time? | Quota |
| What is the name of the agreement designed to promote free trrade between the United States,Canada, and Mexico by doing away with tariffs? | North American Free trade Agreement (NAFTA) |
| What is the term for the exchange of goods without the use of tariffs, quotas, or embargoes? | Free trade |
| What is the term for the workers (labor) and their skills used in the production of goods and services? | Human Capital |
| What is the term for the technology, machinery, tools,factories, etc used in the production of goods and services? | Capital (goods or resources) |
| What is the term for the resourecs that come from the land that are used in the production of goods and services? | Natural Resources |
| What is the term for the peopl who provide the vision, organization, and planning necessary for the production of goods and services? | Entrepreneur(ship) |
| What is the term for the percent(%)of adults in a country who can read and write well? | Literacy rate |
| What is the term for the total value of all the goods and services produced in a country in a year? | Gross Domestic Product (GDP) |
| What are the three basic questionsthat all economic systems must answer? | 1. What to produce? 2. How to produce? 3. For whom to produce? |
| What is the term that describe what happens when one nation can produce a good or service at a lower opportunity cost than another nation? | Specialization |
| What is the term for any law or practice that a government uses to limit free trade between countries? | Trade barrier |
| What is a major environmental concern in Mexico City Mexico resulting from industrialization, vehicle emissions, and the city's location at the base of mountains? | Air pollution |
| What is a major environmental concern in Brazil resulting from logging for timber and creating pasture land for cattle ranching? | Deforestation (destruction of the Amazon Rain Forest) |
| What is the cause of a major environmental concern in Venezuela resulting in air and water pollution? | Oil-related pollution |
Created by:
kiragodwin
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