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The Worlds Economies
| Question | Answer |
|---|---|
| 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. |
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22jcounts
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