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Chapter 3 Lesson 3
| Question | Answer |
|---|---|
| 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 econonmy | 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, group, or nation lives as measured by the extent to which it meets its needs |
| Productivity | the measurement of what is produced and what is required to produce it |
| 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 |
| 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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