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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. |