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Lesson 3 Economies
The World's Economies
|A renewable resource that can be totally replaced or is always available naturally.
|Nonrenewable resources is a resource that cannot be totally replaced.
|Economic system is how a society decides on the ownership and distrubution of its economic resources.
|Is an economy in which the means of produciton are publicly owned.
|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.
|Productivitly is the measurement of what is produced and what is required to produce it.
|The term "export" is to send a product made in one country to another country.
|The term "import" means to bring in a product from another country.
|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.
|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.
|means "renewable" and "nonrenewable"
|World Trade Organization (WTO)
|World trade organization or WTO is suppose to help regulate trade between nations.
|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.