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Chapter 3 Lesson 3
| Question | Answer |
|---|---|
| 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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