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Resources and World Trade

Natural Resource. Products of the earth that people use to meet their needs.. Renewable Resource. Natural resources that cannot be used up or can be replace naturally or grown again.. Nonrenewable Resource. Natural resources that have a limited supply and cannot be replaced.. Economic System. Sets r

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Resources and World Trade

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    1. Resources and World Trade Chapter 3, Section 3 Pgs. 92-96

    2. Natural Resource Products of the earth that people use to meet their needs.

    3. Renewable Resource Natural resources that cannot be used up or can be replace naturally or grown again.

    4. Nonrenewable Resource Natural resources that have a limited supply and cannot be replaced.

    5. Economic System Sets rules for deciding what goods and services to produce, how to produce them, and who will receive them

    6. Export Trade to other countries

    7. Import Buy it from another country

    8. Tariff A tax added to the price of goods that are imported.

    9. Quota Number limit on how many items of a particular product can be imported from a particular country

    10. Free Trade Removing barriers so that goods flow freely among countries

    11. Developed Country Countries that have a great deal of manufacturing

    12. Developing Country Countries that grow enough food for their own families.

    13. Renewable Resources Wind Sun Forests Grasslands Plants Animals Soil

    14. Nonrenewable Resources Coal Oil Natural gas Nuclear energy

    15. Free Enterprise Free enterprise is the right to own property or businesses and to make a profit without government interference.

    16. Economic Systems Traditional Use of bartering to exchange goods and services Command Government owns resources and controls production, prices, and wages Market Individuals own resources and determine what and how to produce Mixed Individuals own most resources and determine what and how to produce. Government regulates the industries

    17. Barriers to Trade Tariffs Quotas Complete bans on trade

    18. Developing Countries Developing countries want more industry because generally industry brings greater wealth.

    19. Developed vs. Developing A developing country does not have an industrialized economy A developed country does

    20. Benefits of Trade Countries without certain resources benefit from trade because they can import what they need while countries who produce more than they need can export their surplus.

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