Chapter 7: The United States & Canada Today: Section 1: Living in the United States & Canada Flashcards
Market Economy
Allow people the freedom to own, operate, and profit from their own businessess.
Post- Industrial
Less emphasis on heavy industry and traditional manufacturing and more emphasis on service and high-tech businessess.
Commodity
Goods produced for sale.
Retooling
Converting old factories for use in new industries and transforming run-on areas into tourist attractions and public spaces; to adapt or alter.
Pipeline
Long networks of underground or aboveground, carry almost one-fourth of the region’s freight in the form of gas and oil.
Monopoly
The total control of a types of a type of Industry by one person or one company.
Trade Deficit
Difference in value between a country’s imports and its exports.
Tariff
Taxes on imports.
Trade Surplus
Earning more from exports than it spends on imports.
