9 terms

Black Gold Vocabulary

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crude oil
petroleum directly out of the ground that has not been processed
nonrenewable resource
a resource that cannot be replaced: like oil or coal
renewable resource
Any natural resource that can be replenished naturally: like solar, wind, or hydro energy
oil reserves
oil that has been discovered but remains unused in the ground
capitalism
an economic system in which businesses are privately owned and operated; the free market determines the values of goods and services
communism
an economic system where the government owns the businesses and land, they also determine the cost of goods and services
life expectancy
A figure indicating how long, on average, a person may be expected to live. Indicates quality of healthcare.
literacy rate
Shows the percentage of people in a country who can read and write at an elementary school level. Indicates the quality of education.
per capita GDP
an estimate of the average wealth of a person in that country
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