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World Economy: Home


1.  Renewable resource--resources that can be totally replaced or always available naturally.

2.  Nonrenewable resource--can not be totally replaced.

3.  Economic system--how a society decides on the ownership and distribution of its economic resources.

4.  Traditional Economy--resources are distributed mainly throu families

5.  Market Economy--means of production are privately owned and income is distributed through sales and demand.

6.  Command Economy--production are publicly owned and production and distribution are controlled by government (Communism).

7.  Mixed Economy--Parts of the economy may be private and parts may be owned by the government.  

8.  Gross Domestic Product--total dollar value of all final goods and services produced in a country during a single year.

9.  Standard of Living--the level at wich a person, group or nation lives a measured by the extent to which it meets its needs.

10.  Productivity--what is produced and what is required to produce it.

11.  Export--goods or services sent to other countries.

12.  Imports--products bought from other countries.

13.  Free Trade--countries that have no tarriffs when trading among themselves.

14.  Sustainability--conditions where all the natural resources for meeting the needs of society are available.

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