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ch.3.3
soc.st
| Term | Definition |
|---|---|
| renewable resources | resources that you can be totally replaced or always available naturally. |
| nonrenewable resources | they cannot be totally replaced. |
| economic system | how a society decides on the ownership and distribution of its economic resources is its economic system. |
| command economy | the means of production are publicly owned,and production and distribution are controlled by a central governing unit. |
| mixed economies | in which government supports and regulates free enterprise through decisions that affect the economy. |
| gross domestic product [GDP] | is the total dollar value of all final goods and services produced in a country during a single year. |
| standard of living | is the level at which person,a group,or a nation lives as measured by the extent to which people's needs are met. |
| productivity | is a measurement of what is produced and what is required to produce it. |
| export | send to another country,a product that is able to produce. |
| import | buys that product from the exporting country. |
| free trade | Quotas prevent countries from exporting goods at much lower prices than the domestic market can sell them for. |
| sustainability | is central to the discussion of resourses. |
Created by:
22callieparmer
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