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The Worlds Economies

Renewable Resources A resource that can be totally replaced or is always available naturally.
Nonrenewable Resources A resource that cannot be totally replaced.
Economic Systems How a society decides on the ownership and distribution of its economic resources.
Command Economy An economy in which the means of the production are publicly owned.
Mixed Economy An economy in which parts of the economy are privately
Gross Domestic Product The total dollar value of all final goods and services produced in a country during a single year.
Standard Of Living The level at which a person,a group,or a nation lives as measured by the extent to which it meets its needs.
Productivity The measurement of what is produced and what is required to produce it.
Export To send a product produced in one country to another country.
Import When a country brings in a product from another country.
Free Trade Arrangement whereby a group a group of countries decides to set little or no tariffs on quotes.
Sustainability The economic principle by which a country works to create conditions where all the natural resources for meeting the needs for society are available.
Created by: 22jgomez



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