| A | B |
|---|
| market economy | a system in which people earn wages and buy the goods and services they choose |
| mixed economy | a system that follows both free-market and command principles |
| sustainability | meeting the needs of society |
| command economy | a system where the government tells producers what and how to produce |
| economic system | how a society decides on the ownership and distribution of its economic resources |
| export | a good sent to another country |
| free trade | A situation in which the government does not use quotas and tariffs to inhibit international trade. |
| gross domestic product | the value of all goods and services produced in a country |
| import | a good from another country |
| nonrenewable resource | A resource that cannot be replenished in a short period of time. |
| productivity | a measurement of what is produced and what is required to produce it |
| renewable resource | a resource that can be replenished in a short period of time |
| standard of living | the level at which a person, group, or nation lives as measured by the extent to which it meets its needs |
| traditional economy | an economy in which resources are distributed mainly through families |
| economy | the wealth and resources of a country or region (money) |
