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Chapter 3/Lesson 3
The World's Economies
| Term | Definition |
|---|---|
| renewable resource | a resource that can be totally replaced or is always available naturally |
| nonrenewable resource | a resource that cannot be totally replaced |
| economic system | how a society decides on the ownership and distribution of its economic resources |
| traditional economy | an economy in which 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 may be privately owned, and parts may be 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, group, or nation lives as measured by the extent to which it meets its needs |
| productivity | measurement of what is produced and what is required to produce it |
| export | when a country sends a product to another country |
| import | when. a country brings in a product from another country |
| free trade | when a group of countries decides to set few or no tariffs or quotas |
Created by:
mcostello