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CH.3.3

s.st

TermDefinition
Renewable Resources are resources that can be replaced or that are always available
Nonrenewable Resources cannot be totally replaced
Economic System how a society decides on the ownership and distribution of its economic resources
Command Economy production are publicly owned,production and distribution are controlled by a central goverment
Mixed Economies is where the government supports and regulates free enterprise through decisions that affect the economy
Gross Domestic Product is the total dollar value of all final goods and services produced in a country
Standard of Living is the level at which a person ,a group,or a nation lives as measured by the extent to which peoples 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
Imports is to buy that product from the exporting country
Free Trade a group of countries decide to set little or no tariffs or quoats when trading among themselves
Sustainabilty is the central discussion of resources
Created by: 22dgarcia
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