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Unit 3 Trade

Trade & Environmental Concerns

TermDefinition
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.
Created by: kishamoody