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Lesson 3 Economies

The World's Economies

QuestionAnswer
renewable resources A renewable resource that can be totally replaced or is always available naturally.
nonrenewable resources Nonrenewable resources is a resource that cannot be totally replaced.
economic system Economic system is how a society decides on the ownership and distrubution of its economic resources.
command economy Is an economy in which the means of produciton are publicly owned.
mixed economy Is an economy in which parts are privately owned and parts are owned by the government.
gross domestic product (GDP) 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 The term standard of living is based on the level at which a person, group, or nation lives as measured by the extent to which it meets its needs.
productivity Productivitly is the measurement of what is produced and what is required to produce it.
export The term "export" is to send a product made in one country to another country.
import The term "import" means to bring in a product from another country.
free trade The term "free trade" is an arrangement may by the president of the United States in which a group of countries decides to set few or no tariffs or quotas on imports or exports yet if a country abuses its privileges than "tarriffs" are applied.
sustainablility The term "substainablilty is the economic principle by which a country works to create conditions where all the natural resources for meeting the needs of society are available.
energy resources means "renewable" and "nonrenewable"
World Trade Organization (WTO) World trade organization or WTO is suppose to help regulate trade between nations.
World Bank The world bank provides financing, advice and research to developing nations.
International Monetary Fund (IMF) The International Monetary Fund monitors economic development and lends money to nations in need.
European Union (EU) The European Union is a group of European countries that have one economic unit of currency.
Created by: casonnat000