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10 Cards in this Set
- Front
- Back
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natural resource |
something that is found in nature that is necessary or useful to humans |
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economy |
a system of producing and exchanging goods, and services among a group of people |
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economic system |
a way people use resources to make and exchange goods |
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command economy |
an economic system in which the production of goods and services is decided by a central government |
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market economy |
an economic system in which the production of goods and services id decided by supply and the demand of consumers |
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Gross Domestic Product (GDP) |
the total value of all the goods and services produced in a country in a year |
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export |
a product or resource sold to another country |
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import |
a product or resource that comes into a country |
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specialization |
a focus on producing a limited number of a specific products |
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raw materials |
an unprocessed natural resource that will be converted to a finished product |
