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Unit 3
Unit 3 vocab terms
13
Other
6th Grade
10/22/2015

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Term
Chernobyl
Definition
Nuclear disaster in Ukraine that caused widespread radiation poisoning
Term
Air Pollution
Definition
Environmental issue that plagues the United Kingdom. Caused by factory smoke and car emissions.
Term
Acid Rain
Definition
Environmental issue that plagues Germany. Caused by factory smoke and car emissions.
Term
Traditional Economy
Definition
Economy where individuals make just enough for what they need- trade for other things. Money is not really used.
Term
Market economy
Definition
Economy where all major decisions are made by private citizens and corporations. Little government involvement.
Term
Command Economy
Definition
Economy where all major decisions are made by the government. Private citizens have very few privileges within the economy
Term
Mixed Economy
Definition
Economy where some decisions are made by the people and some are made by the government.
Term
Tariff
Definition
A tax on imported goods. Raises the price of imported goods so more people will buy products within the country
Term
Embargo
Definition
Ban or block on trade with a country so that people are forced to buy products within their own country.
Term
Quota
Definition
A limit on amount of goods allowed to be imported. Raises prices of those goods because of low supply- forces people to buy goods within their own country.
Term
Entrepreneur
Definition
Someone who attempts to start a business.
Term
Capital goods
Definition
or physical capital- tools and machines used to get a job done.
Term
Human capital
Definition
The knowledge and skills required to do a job
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