Wants and Resources
Different Economic Systems
Economic Performance
Trade
100
Resources that can be totally replaced or replenished.
What are renewable resources?
100
An economic system in which resources are distributed mainly through families.
What is a traditional economy?
100
The words which GDP represent.
What is gross domestic product?
100
When a country sends a commodity (product) to another country.
What is export?
200
Resources that can not be totally replaced.
What are nonrenewable resources?
200
An economy where parts of the it are privately owned, and parts may be owned by the government.
What is a mixed economy?
200
A way to measure a countries wealth by dividing GDP with the total population.
What is per capita income?
200
When a country receives a commodity (product) from another country.
What is import?
300
Name three nonrenewable resources.
What are, coal, oil, and natural gas?
300
An economy in which most of the means of production are privately owned.
What is a market economy (capitalism)?
300
Three indicators of a low standard of living.
answers vary
300
A tax placed on commodities (products) imported into a country.
What is a tariff?
400
Name four renewable resources.
What are water, trees, wind, and sun?
400
An economy where the means of production are publicly owned. Production and distribution are controlled by a central governing authority.
What is a command economy (communism)?
400
Three indicators of a high standard of living.
Answers vary
400
An arrangement whereby a group of countries decides to set little or no tariffs or quotas.
What is free trade?
500
Three types of economic activity.
What are the primary, secondary and tertiary sectors?
500
Three types of national economies.
What are developing countries, newly industrialized counties and, developed countries.
500
A well-known free trade agreement between Canada, USA, and Mexico known as NAFTA.
What is the North American Free Trade Agreement?
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