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Ch. 3.3
Social Studies
| Term | Definition |
|---|---|
| Renewable resources | A resource that can totally replaced or is always available naturally |
| Nonrenewable resources | A resource that can not 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 publicly owned |
| mixed economy | An economy in which parts of the economy are privately owned and parts are owned by the government |
| Gross domestic product (GPD) | 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 meats 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 |
| impact | the effect or influence |
| free trade | arrangement whereby a group of countries decides to set little or no 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 |
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22jvelasco
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