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Unit 3 Trade
Trade & Environmental Concerns
| Term | Definition |
|---|---|
| currency | Anything accepted as a means of exchange (money) |
| Specialization | When a country uses its natural resources and skills to produce goods efficiently; encourages trade between countries |
| tariff | A tax or fee on imported goods |
| quota | A specific limit on the number of imports allowed to enter a country |
| embargo | A government order that prohibits trade with other countries |
| exchange rate | The difference of currency between two nations |
| voluntary trade | A system in which individuals and businesses have the right to buy or sell products as they want, at their own discretion. |
| opportunity cost | A benefit that a person could have received, but gave up, to take another course of action. |
| scarcity | Having something that is in short supply, hard to find. |
| sanction | The act of economically punishing another nation. |
| European Union | An organization among European Nations created in 1993 for the purpose of creating a single economic market in which there are no barriers to trade, services, or capital among the member states; their currency is called the Euro. |
| domestic | Term that refers to the products or services originating in one’s own country; is the opposite of foreign. |
| acid rain | An environmental hazard cause by polluting gases mixing with precipitation; harmful results include causing forests to die, statues to erode, and water supplies to become contaminated. |
| fallout | Radioactive particles that are carried into the atmosphere after a nuclear explosion or accident and gradually fall back as dust, rain or snow. |
| smog | Condition in the atmosphere when vehicle exhaust and factory smoke mix with fog. |
| air pollution | The presence of contaminates or pollutant substances in the air that interfere with human health or welfare or produce other harmful environmental effects |
| nuclear disaster | A disaster that causes toxic radioactive chemicals to be released into the environment and cause harm to land, water, and humans. |
| Chernobyl | The location of the 1986 nuclear disaster in Ukraine that killed hundreds of people, contaminated the water, air, and soil, and forced the residents to abandon the city. |
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