World Economies

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

• Renewable Resource

• Nonrenewable Resource

• Market Economy

• Tariff

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

• Economy

• Economic System

• Traditional Economy

• Command Economy

The resources that cannot be totally replaced

• Renewable Resources

• Nonrenewable Resources

• Import

• Export

An economy in which the means of production are publicly owned; controlled by the government

• Command Economy

• Mixed Economy

• Market Economy

• Traditional Economy

An economy in which most of the means of production are privately owned

• Command Economy

• Mixed Economy

• Market Economy

• Traditional Economy

An economy where resources are distributed mainly through families; traditional economies found in developing (poorer) countries; in rural areas; farming, herding, hunter-gatherer societies

• Command Economy

• Mixed Economy

• Market Economy

• Traditional Economy

An economy in which parts of the economy are privately owned and parts are owned by the government

• Command Economy

• Mixed Economy

• Market Economy

• Traditional Economy

Gross Domestic Product

• the measurement of what is produced and what is required to produce it

• when a country brings in a product from another country

• arrangement whereby a group of countries decides to set little or no tariffs or quotas

• the total dollar value of all final goods and services produced in a country during a single year

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

• Productivity

• Standard of Living

• mixed economy

• Economic system

The measurement of what is produced and what is required to produce it

• Gross Domestic Product

• Standard of Living

• Productivity

• Import