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.