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Vocab #5 – U.S. and Canada: The Economy
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market economy An economy that allows people to own, operate, and profit from their own businesses; there are also private property rights in a market economy; the United States and Canada are both market economies.
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commodity Goods, produced for sale; examples are oil, gold, and orange juice
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arable Land suitable for farming; the United States and Canada devotes 167 million acres to farming.
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monopoly The total control of an industry by one person or one company; the U.S. and Canadian governments have passed laws to prevent and break-up monopolies.
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global economy The merging of economies in which countries are interconnected and have become dependent on one another for goods and services; the United States and Canada play important roles in the global economy.
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trade deficit This occurs when a country purchases more from another country than it sells to it; for example, the United States buys far more than it sells to China so the result is a large trade deficit.
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tariff Taxes added to imported goods from another country
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trade surplus Selling more to another country than buying from it; for example, Canada enjoys a trade surplus with many countries.
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outsourcing Setting up plants, service industries, and other businesses abroad to produce parts and products for domestic use or sale; many U.S. manufacturing jobs have been sent overseas due to outsourcing.
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eutrophication Water pollution speeds up this process in which a body of water becomes rich in dissolved nutrients; this encourages overgrowth of small plants (algae) and depletes the water’s oxygen, leaving none for fish and other lifeforms.
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