Europe Economics and Environmental Issues Vocabulary acid rain clouds or rain containing sulfur dioxide, carbon dioxide, and – nitrogen oxides that cause problems in the environment smog vehicle exhaust and factory smoke combined with fog – Chernobyl located in northern Ukraine, site of the worst nuclear disaster in – history currency the money people use to make trade easier – euro the currency of most members of the EU – free-trade zone an area where there are no trade barriers among – participating countries . command economy system where centralized government planning groups – make the decisions to answer the three basic economic questions market economy system where decisions concerning the three basic – economic questions are guided by changes in prices that occur between individual buyers and sellers in the marketplace. . . also called free and enterprise, capitalism, laissez-faire trade barriers rules that create obstacles used to try to limit trade with other – countries tariffs a tax on imports – quotas a limit to the number of imports that may enter a country – embargo a government order stopping trade with another country – standard of living economic level of living . . . level of comfort enjoyed by – people human capital resource workers of a business or country including their – education, training, skills, and health literacy rate the percentage of a people who can read or write – country’s capital (physical) resource the factories, machines, technologies, buildings, – and property needed by businesses to operate entrepreneur the person who takes a risk and provides the money to start – and own a business exchange rate the approximate value of currency in terms of – one nation’s another currency nation’s
Europe Economics and Environmental Issues Vocabulary acid rain – clouds or rain containing sulfur dioxide, carbon dioxide, and nitrogen oxides that cause problems in the environment smog – vehicle exhaust and factory smoke combined with fog Chernobyl – located in northern Ukraine, site of the worst nuclear disaster in history currency – the money people use to make trade easier euro – the currency of most members of the EU free-trade zone – an area where there are no trade barriers among participating countries . command economy – system where centralized government planning groups make the decisions to answer the three basic economic questions market economy – system where decisions concerning the three basic economic questions are guided by changes in prices that occur between individual buyers and sellers in the marketplace. . . also called free enterprise, capitalism, and laissez-faire trade barriers – rules that create obstacles used to try to limit trade with other countries tariffs – a tax on imports quotas – a limit to the number of imports that may enter a country embargo – a government order stopping trade with another country standard of living – economic level of living . . . level of comfort enjoyed by people human capital resource – workers of a business or country including their education, training, skills, and health literacy rate – the percentage of a country’s people who can read or write capital (physical) resource – the factories, machines, technologies, buildings, and property needed by businesses to operate entrepreneur – the person who takes a risk and provides the money to start and own a business exchange rate – the approximate value of one nation’s currency in terms of another nation’s currency