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Resources, Technology, and World Trade

TermDefinition
natural resource material from the Earth that people use to meet their needs
renewable resource natural resource that can be replaced naturally or grown again
non renewable resource natural resources such as a mineral that cannot be replaced
economic system system that sets rules for deciding what goods and services to produce, how to produce them, and who will receive them
developed country country with an economy that has a mix of agriculture, a great deal of manufacturing, and service industries and that is very productive and provides its people with a high standard of living
developing country country that has limited industry, where agriculture remains important, incomes are generally low
newly industrialized country country that is creating new manufacturing and business
export to sell goods or resources to other countries
import to buy resources or goods from other countries
tariff tax added to the price of goods that are imported
quota number limit on how many items of a particular product can be imported from a certain nation
free trade removal of trade restrictions so that goods flow freely among countries
interdependence condition that exists when countries rely on each other for ideas, goods, services, and markets
finite limited in supply
finance provide funds or capital
 



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