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3-3
Resources, Technology, and World Trade
| Term | Definition |
|---|---|
| natural resource | material from the Earth that people use to meet their needs |
| renewable resource | natural resource that can be replaced naturally or grown again |
| non renewable resource | natural resources such as a mineral that cannot be replaced |
| economic system | system that sets rules for deciding what goods and services to produce, how to produce them, and who will receive them |
| developed country | country with an economy that has a mix of agriculture, a great deal of manufacturing, and service industries and that is very productive and provides its people with a high standard of living |
| developing country | country that has limited industry, where agriculture remains important, incomes are generally low |
| newly industrialized country | country that is creating new manufacturing and business |
| export | to sell goods or resources to other countries |
| import | to buy resources or goods from other countries |
| tariff | tax added to the price of goods that are imported |
| quota | number limit on how many items of a particular product can be imported from a certain nation |
| free trade | removal of trade restrictions so that goods flow freely among countries |
| interdependence | condition that exists when countries rely on each other for ideas, goods, services, and markets |
| finite | limited in supply |
| finance | provide funds or capital |
Created by:
akennon
Popular Geography sets