Chapter 7: The United States & Canada Today: Section 1: Living in the United States & Canada

Question 1

Market Economy

Answer 1

Allow people the freedom to own, operate, and profit from their own businessess.

Question 2

Post- Industrial

Answer 2

Less emphasis on heavy industry and traditional manufacturing and more emphasis on service and high-tech businessess.

Question 3

Commodity

Answer 3

Goods produced for sale.

Question 4

Retooling

Answer 4

Converting old factories for use in new industries and transforming run-on areas into tourist attractions and public spaces; to adapt or alter.

Question 5

Pipeline

Answer 5

Long networks of underground or aboveground, carry almost one-fourth of the region’s freight in the form of gas and oil.

Question 6

Monopoly

Answer 6

The total control of a types of a type of Industry by one person or one company.

Question 7

Trade Deficit

Answer 7

Difference in value between a country’s imports and its exports.

Question 8

Tariff

Answer 8

Taxes on imports.

Question 9

Trade Surplus

Answer 9

Earning more from exports than it spends on imports.