Vocab - Week 8 Flashcards

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1
Q

An economy that gives people the freedom to make choices and buy their own things.

Global economy. Market economy. Command economy

A

Market economy

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2
Q

Goods that are produced to sell.

Commodity. Arable. Outsourcing

A

Commodity

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3
Q

Land Suitable for growing crops.

Monopoly. Commodity. Arable

A

Arable

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4
Q

Total control of an industry by one person or company.

Trade deficit. Monopoly. Eutrophication

A

Monopoly

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5
Q

Countries economies that are dependent on each other for goods and services. The worlds economy.

Global economy. Trade deficit. Trade surplus

A

Global economy

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6
Q

Spending more money on imports than what is earned on exports. (Spending more money on what is coming into the country than what is being made n products that are leaving the country)

Trade deficit. Trade surplus. Arable

A

Trade deficit

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7
Q

Taxes that are charged on imports.

Eutrophication. Commodity. Tariff

A

Tariff

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8
Q

Earning more money on exports than you spend on imports.

Trade surplus. Global economy. Trade deficit

A

Trade surplus

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9
Q

Setting up plants to make products and service industries in other countries because it is cheaper.

Monopoly. Market economy. Outsourcing

A

Outsourcing

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10
Q

The process where a body of water becomes rich with nutrients and encourages overgrowth of algae.

Arable. Eutrophication. Commodity

A

Eutrophication

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