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CH3 Lesson 3 Economy
| Term | Definition |
|---|---|
| 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 |
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