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