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La History Ch 3 Voc

goods physical items such as food, clothing, cars, and homes.
services activities people do for others for a fee
consumer one who buys or uses goods or services
producer THe person or business that uses resources to make goods or provide services
natrual resources a gift of nature,part of the natural enviroment
human resources the people who produce goods and provide services
capital resources the money and property used to produces goods and services
scarcity the concept that there are not enough resources
opportunity cost the value of the second choice in a decision-making situation
supply the amount of the goods or services
demand the amount of goods or services consumers are willing and able to buy
profit the amount left after costs are subtracted from the selling price
traditional economy an economy in which customs determine questions and answer
command economy an economy controlled by the govenment
market economy an economy were individals answer questions
barter trading goods and services without money
mercantilism an economic policy under which a government controls resources
smuggling illegal trade
mineral resources inorganic sudatances that were formed by earth
nonrenewable refers to natural resources not replaced by nature once they are extracted from the environment.
lignite the lowest quality coal; a soft, brownish-black coal that, because of its high water content, burns poorly
biological resources plants and animals; also called flora (plants) and fauna (animals)
renewable biological resources that replenish themselves over time.
pulpwood smaller, softer trees (mostly pine) that are shredded into pulp to be made into paper
labor union an organization of workers ofrmed to improve wages, benefits, and working conditions for workers.
private goods & Services goods and services produced in a market economy
public goods & services goods and services provided by the government
interdependent refers to an economic system where producers and consumers rely on each other and on other economies to succeed.
Superport an offshore port in Gulf of Mexico that was constructed to handle extremely deep ships; serves primarily the offshoreoil industry and Louisiana's oil refineries.
tariff a tax on imports designed to keep out foreign competition.
economic indicators economic information used to measure the economy, includes gross domestic product, consumer price index, inflation rate, and unemployment rate.
gross domestic product an economic indicator; the total market value of all goods and services produced in the US in a certain time period.
consumer price index an economic indicator; a monthly price survey for a list of goods and services
inflation an economic indicator reflecting a steady increase in consumer price index
unemployment rate an economic indicator; the percentage of people who are out of work and looking for jobs
Created by: cpl1208