3.3 Flashcards
a material from the earth that that people use to meet their needs
natural resources
natural resources that cannot be use up and can be replaced
renewable resources
a natural resource that cannot be replaced
nonrenewable resources
system that sets the rule for deciding what goods and services to produce, how to produce them, and who will receive them.
economic system
country with a mix of agriculture, a large number of manufacturing and service industries, and relatively high incomes
developed country
a country that is becoming more industrial
newly individualized country
to sell from other countries
export
to buy from other countries
import
a tax that is added to the price of imported goods
tariff
a limit on how many items of a particular product can be imported from a certain nation
quota
the removal of trade limits so that goods flow freely among countries
free trade
when a country relies on each other for ideas, goods, services, and markets
interdependence
