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Trade & Environmental Concerns

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Term
Definition
currency   Anything accepted as a means of exchange (money)  
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Specialization   When a country uses its natural resources and skills to produce goods efficiently; encourages trade between countries  
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tariff   A tax or fee on imported goods  
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quota   A specific limit on the number of imports allowed to enter a country  
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embargo   A government order that prohibits trade with other countries  
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exchange rate   The difference of currency between two nations  
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voluntary trade   A system in which individuals and businesses have the right to buy or sell products as they want, at their own discretion.  
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opportunity cost   A benefit that a person could have received, but gave up, to take another course of action.  
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scarcity   Having something that is in short supply, hard to find.  
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sanction   The act of economically punishing another nation.  
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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.  
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domestic   Term that refers to the products or services originating in one’s own country; is the opposite of foreign.  
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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.  
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fallout   Radioactive particles that are carried into the atmosphere after a nuclear explosion or accident and gradually fall back as dust, rain or snow.  
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smog   Condition in the atmosphere when vehicle exhaust and factory smoke mix with fog.  
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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  
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nuclear disaster   A disaster that causes toxic radioactive chemicals to be released into the environment and cause harm to land, water, and humans.  
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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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