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CMS6-Unit 3 Vocab

CMS6-Unit 3 Vocabulary Review

Acid rain Rainfall made toxic by air pollution. It is a result of waste gases from the burning of fossil fuels. In Germany, it has damaged buildings/monuments, vegetation, and water.
Air pollution The contamination of the air by gases and smoke. In Great Britain and most other industrialized nations, it is caused mostly by emissions from factories and cars.
Capital The property (buildings, machinery, etc.) and technology that represent the chief investments of a person or business.
Chernobyl A nuclear power plant located in Ukraine. On April 26, 1986, it became the site of one of the worst nuclear disasters in history.
Command economy An economic system in which what is produced, how it is produced, and for whom it is produced is determined by the government.
Currency exchange A business that allows individuals or groups to exchange the currency of one country for that of another. The exchange of currencies is necessary in a world where trade takes place between nations with different monetary systems.
Embargo An official ban, usually on trade with another country. Sometimes the ban is on specific goods.
Entrepreneurship The process of starting an organization or business. The economies of many countries are supported by small businesses begun by entrepreneurs.
Gross domestic product (GDP): The total monetary value of goods and services produced and distributed in a country during the span of one year.
Human capital The human knowledge, creativity, and habits that contribute to an economy.
Market economy An economic system in which what is produced, how it is produced, and for whom it is produced is based on supply and demand. Producers set prices for their goods based on what individuals are willing to pay.
Mixed economy An economy that is part market economy and part command economy. Most countries have mixed economies.
Natural resources Land, water, forests, minerals, and other things found in nature that are useful to humans. These generally contribute to the wealth of a country.
Nuclear disaster The radioactive contamination of an area usually caused by the meltdown of a nuclear plant. Such meltdowns have happened in Ukraine and Japan.
Quota A limit set on the production of a product. Quotas can be set by governments or industry groups. Their purpose is usually to control item prices and protect domestic production.
Tariff A tax or duty that must be paid on a specific import or export. Tariffs are often used by governments to limit imports from other countries.
Traditional economy An economic system in which what is produced, how it is produced, and for whom it is produced is based on the traditions, beliefs, and customs of society. Traditional economies are usually agriculturally based.
Voluntary trade An economic market in which individuals and businesses are allowed to buy from and sell to whom they choose. A benefit of such an exchange is that most parties gain something they want from it.
Created by: jpkelley