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Ch.3.3 P.108
| Term | Definition |
|---|---|
| Renewable Resources | A resource that can be totally replaced or is always available naturally. |
| Nonrenewable Resources | A resource that cannot be totally replaced. |
| Economic System | How a society decides on the ownership and distribution of its economic resources. |
| Command Economy | An economy in which the means of production are publicy owned. |
| Mixed Economy | An economy in which parts of the economy are privately owned and parts are owned by the government. |
| Gross Domestic Product (GDP) | 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 of countries decides to set little or no tariffs on quotas. |
| Sustainability | The economic principle by which a country works to create conditions where all the natural resources for meeting the needs of society are available. |
| Resources | Material that can used to produce crops or other products. |