Ch. 3 Lesson 3 Vocab

Front

Can be replaced or are always available; regenerated and replenished.

Back

Renewable resources

Front

Cannot be replaced; consumed and gone for good.

Back

nonrenewable resources

Front

Society's method for owning and distributing economic resources.

Back

economic system

Front

Resources are mainly distributed through families.

Back

traditional economy

Front

Economic system with privately owned means of production

Back

market economy

Front

Economic system with publicly owned means of production

Back

command economy

Front

Economic system with private and public ownership.

Back

mixed economy

Front

Total dollar value of all final goods and services produced in a country in a year

Back

gross domestic product (GDP)

Front

Level of living measured by needs met.

Back

standard of living

Front

Measurement of production vs. requirements

Back

productivity