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CMS6-Unit 3 Vocab

CMS6-Unit 3 Vocabulary Review

QuestionAnswer
This is rain or snow that carries air pollutants to Earth. acid rain
In 1986 a nuclear power plant in Ukraine caught fire and melted down. Over 30 people were killed immediately, and winds carried radiation across northern Europe contaminating livestock and crops as well as making people sick. Chernobyl
This is an economic system in which social roles and culture determine how goods are made, sold,and bought. traditional economy
This is an economic system in which the government decides what goods will be produced, how they will be produced, and how they will be distributed. command economy
This is an economic system based on individual choices and voluntary trade market economy
This is an economic system that has features of traditional, command, and market systems. mixed economy
This is any law or practice that a government uses to limit free trade between countries. trade barrier
This is a fee (tax) charged for goods and services brought (imported) into a country or state from another country or state. tariff
This is a limit on the amount of a product that may be imported during a given period of time. quota
This is a type of trade barrier in which a government places restrictions on the import or export of certain products.These are often backed with military force. embargo
This is the price you pay for the currency (money) of another country. currency exchange (exchange rate)
This is the total value of the goods and services produced in a country in a given period of time. gross domestic product (GDP)
This is all the time, effort, and talent that goes into producing goods and services. The knowledge and skills that allow workers to produce goods and earn an income. One of the 4 factors of production.(labor) human capital
These are resources such as factories, machinery, and tools that people use to make other goods. One of the 4 factors of production. capital goods
These are raw (natural) materials that are used to support life and to make goods. One of the 4 factors of production. (land) natural resources
This is the rare mixture of the qualities needed to create and run new businesses/or Someone who brings together land, labor, and capital goods to produce goods and services. One of the 4 factors of production. entrepreneurship/entrepreneur
Created by: jpkelley