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CMS Unit 6-Economics

CMS6-Unit 6-Environmental and Economics Vocabulary Review

QuestionAnswer
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: jpkelley