Chapter 3 Section 3 Flashcards
natural resource
material from Earth that people you to meet their needs.
renewable resource
natural resource that can be replaced naturally or grown again.
nonrenewable
natural resource such as a mineral that cannot be repplaced
economic system
system that sets rules fro deciding what goods and services to produce, how to produce them, and who will receive them.
developed country
country with an economy that has a mix of agriculture, a great deal of manufacturing, and service industries and that is very productive and provides its people with a high standard of living.
developing country
country that has limited industry, where agriculture remains important, incomes are generally low.
newly industrialized country
country that is creating new manufacturing and business.
export
to sell goods or resources to other countries.
import
to buy resources or goods from other countries.
tariff
tax added to the price of goods that are imported.
quota
number limit on how many items of a particular product can be imported from a certain nation.
free trade
removal of trade restrictions so that goods flow freely among countries.
interdependence
condition that exist when countries rely on each other for ideas, goods, services, and markets.
