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Chapter 3 Lesson 3

a resource that can be totally replaced or is always available naturally renewable resources
a resource that cannot be totally replaced nonrenewable resources
economic systemhow a society decides on the ownership and distribution of its economic resources economic system
an economy in which the means of production are publicly known command economy
an economy in which parts of the economy are privately owned and parts are owned by the government mixed economy
the total dollar value of all final goods and services produced in a country during a single year gross domestic product (GDP)
the level at which a person, a group, or a nation lives as measured by the extent to which it meets its needs standard of living
the measurement of what is produced and what is required to produce it productivity
to send a product produced in one country to another country export
when a country brings in a product from another country import
arrangement whereby a group of countries decides to set little or no tariffs on quotas free trade
the economic principle by which a country works to create conditions where all the natural resources for meetin the needs of society are available sustainability
Created by: rmayfield



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