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renewable resource
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nonrenewable resource
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6th Ch 03 Lesson 03
Physical Geography Lesson 3 The World's Economy
| Term | Definition |
|---|---|
| renewable resource | a resource that can be totally replaced or is always available |
| nonrenewable resource | 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 | 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 to no tariffs on quotas |
| sustainable | the economic principle by which a country works to create conditions where all the natural resources are meeting the needs of a society are available |
Created by:
arenaud
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