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Ch3.3 pg108

TermDefinition
renewable resources are resources that can be totally replaced or are always available nauturally
nonrenewable resouces cannot be totally replaced
economic system how a society decides on the owner ship and distribution of it's economic resouces
command economy the means of production are publicly owned , and production and distribution are controlled by a central governing unit
mixed economy in which government supports and regulates free enterprise system
gross domestic product [GDP] is the total dollar value of all final goods and services production in a country during a single year
standard of living is the level at which a person ,a group,or a nation lives as measured by the extent to which people's needs are met
productivity is a measurement of what is produced and what is required to produce it
export is to send to another country,a product that is able to produce
import buys that product from the exporting country
free trade to set little or no tariffs or quotas when trading among themselves
sustainability is central to the discussion of resouces
Created by: 22pjimenez
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