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The Worlds Economies

Renewable resources A resources that can be replace or is always available naturally
Nonrenewable resourses A resource that cannot be totally replace
Economic systems How a society decides on the ownership and distribution of it's 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 owned and parts are owned by the government.
Gross Domestic product The total dollar value of all value final goods and services produce 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 extend to which it meets it needs.
Productivity The measurement of what is produce 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 a quotas.
Sustainability The economic principle by which a country works to create conditions where all the natural resources for meeting the society are available.
Created by: 22jcounts



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