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system of government in which a country is ruled by a king or queen
monarchy
regional variety of language with unique features like vocabulary, pronunciation and grammar
dialect
set of beliefs, behaviors and traits shared by a group of people
culture
type of government run by the people
democracy
how a society decides on the ownership and distribution of its economic resources
economic system
measurement of what is produced and what is required to produce it
productivity
economy in which the means of production are publicly owned
command economy
when a country brings in a product from another country
import
arrangement where a group of countries decides to set little or no tariffs on quotas
free trade
to send a product in one country to another country
export
resources that cannot be totally replaced
nonrenewable resource
total dollar value of all goods and services produced in a country during a single year
gross domestic product
economy in which most of the means of production are privately owned
market economy
economy in which parts of the economy are privately owned and parts are owned by a governing authority (the government)
mixed economy
resource that can be totally replaced or always available naturally
renewable resource
economic principle by which a country works to create conditions where all natural resources for meeting the needs of society are available
sustainability
level at which a person, group or nation lives as measured by the extent to which its needs are met
standard of living
economy where resources are distributed mainly through families
traditional economy