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CH3 Lesson 3 Economy

renewable resources a resource that can be totally replaced or is always available naturally
nonrenewable resources the resources that cannot be totally replaced
economic system how a society decides on the ownership and distribution of its economic resources
traditional economy an economy where resources are distributed mainly through families
market economy an economy in which most of the means of production are privately owned
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 and parts are owned by the government
gross domestic product (GDP) the total dollar value of all final goods and services produced 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 extent to which it meets its needs
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 quotas
currency paper money and coins in circulation
sustainability the economic principle by which a country works to create conditions where all the natural resources for meeting the needs of society are available
Created by: sstms73



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