Ch.3, Lesson 3 Vocabulary Flashcard

Front

RENEWABLE RESOURCE

Back

A resource that can be totally replaced or is always available naturally.

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NONRENEWABLE RESOURCE

Back

A resource that cannot be totally replaced.

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ECONOMIC SYSTEM

Back

How society decides on the ownership and distribution of it's economic resources.

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TRADITIONAL ECONOMY

Back

An economy in which resources are distributed mainly through families.

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MARKET ECONOMY

Back

AN economy in which most of the means of production are publicly owned.

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COMMAND ECONOMY

Back

An economy in which most of the means of production are publicly owned.

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MIXED ECONOMY

Back

An economy in which most of the economy may be privately owned, and parts may be owned by the government.

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GROSS DOMESTIC PRODUCT

Back

The level at which a person, group, or nation lives as measured by the extent to which it meets its needs.

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STANDARD OF LIVING

Back

The level at which a person, group, or nation lives as measured by the extent to which it meets its needs.

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PRODUCTIVITY

Back

Measurement of what is produced and what is required to produce it.