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LA History

LAH Key Concepts for Chapter 3

Goods physical items such as foods, clothing, cars, and houses
Services activities people do for a fee such as car repairs, painting, and concerts
Consumer a person who buys a good or service
Producer a person or business who uses resources to make goods or provide services
Natural Resources a part of the natural environment such as water, trees or minerals
Human Resources people who produce the goods or provide the services
Capital Resources are the money and property – factories, tools, bridges, machines, and other items – used to produce goods and services
Scarcity when people need and want more than the available resources can provide
Opportunity alternative cost the value of your second choice, the next best
Supply the quantity of a good or service offered for sale
Demand the quantity of a good or service consumers are willing to buy
Profit the amount left after costs are subtracted from the prices
Economist a person who studies the economy
Traditional Economy customs, habits, and beliefs determine how the four basic economic questions are answered
Command Economy the government controls the economy and answers the four basic economic questions
Market Economy individuals answer the four basic economic questions based on supply and demand
Scarcity requires both and to make choices. The unlimited needs and wants of must be with limited resources in the world. Scarcity requires both producers and consumers to make choices. The unlimited needs and wants of must be balanced with limited resources in the world.
What are the 4 basic economic questions? What are the 4 basic economic questions? 1. What to produce? 2. How to produce? 3. How much to produce? 4. For whom to produce?
What are the 3 basic kinds of economy? Traditional economy, command economy, and market economy
Barter – trading goods and services without money
Mercantilism – the government of the mother country controlled its resources and its markets in order to acquire wealth. Colonies were expected to buy goods and services only from the mother country
Smuggling – trading goods and services with other countries other than the mother country. It was illegal
Why did Louisiana struggle in the mercantile economy under French and Spanish rule? Neither France or Spain gave the colonists enough supplies; the colonists changed the economy to meet their needs and developed the frontier exchange economy.
What was the Frontier Exchange Economy People trapped furs, made their own goods, grew their own crops, and traded with their nearby neighbors
What were the first two crops in Louisiana? Tobacco and Indigo
Why were tobaco and indigo replaced with sugar cane and cotton? Sugar cane and cotton were more profitable
How did World War II affect the oil industry? The demand for oil during the war and changes in agriculture gave Louisiana the new economic direction with oil
Mineral Resources – inorganic substances that were formed by Earth’s geological processes Examples are oil, natural gas, salt, sulphur, and lignite
Nonrenewable Resources – resources that are not replaced by nature once they are extracted from the environment
Lignite – lowest quality of coal; a soft, brownish-black coal that burns poorly because of high water content
Biological Resources – plants and animals (flora and fauna) they are renewable,
Renewable – they replenish themselves
Pulpwood – smaller, softer trees (mostly pine) that are shredded into pulp to be made into paper
Labor Union – an organization of workers formed to improve wages, benefits, and working conditions for workers
List the importance of the minerals found in Louisiana:Oil LA contains 10% of the oil reserves in the US. Top oil producing states, thousands of wells are located off of coast, refineries produce enough oil for 800 million cars, and an unlimited list of other products is created from chemicals refined from oil
List the importance of the minerals found in Louisiana:Natural Gas larger than oil deposits, 25 percent of United States supply comes from Louisiana. Natural gas was converted into carbon black used to make tires and ink. Reduces air pollution and is the source of energy for homes and businesses.
List the importance of the minerals found in Louisiana:Salt needed for animals and humans to survive, Avery Island deposit is almost pure rock salt, used to make chemicals that are used in 100’s of products like PVC pipe and plastic
List the importance of the minerals found in Louisiana:Sulphur mineral that makes matches, gunpowder, medicine, plastic, and paper. Discovered in 1869, “richest 50 acres in the world, cities Sulphur, Port Sulphur and Freeport Sulphur are named for this mineral. Low prices made it unprophitable to mine in Louisiana
List the importance of the minerals found in Louisiana:Lignite low form of coal used as another form of energy, found in DeSoto Parish, fuels an electric power station in Mansfield
biological resources found in Louisiana: Forests – Louisiana’s second from of income producer, 90 percent are pine trees. Large trees are cut for sawtimber made into furniture and flooring. The industry includes paper mills, lumber mills, and plywood plants. 100 million trees are replanted each year.
List the importance of the biological resources found in Louisiana: Wildlife– trapping- pelts hunting- food birds, doves, quail aligators, hides, all help state economy
List the importance of the biological resources found in Louisiana: Fish– recreation and commercial, catfish, crawfish, 25% of nation's seafood, 2 billion pounds of fish a year, more shrimp, oysters, crab than any other state.Menhaden fish are used to make pet food, and fertilizer and food for farm raised catfish.
Capital Resources – human made products used to produce goods and services. Includes rice mills, sugar refineries, oil refineries, cotton gins, and meat-packing plants, as well as bridges, highways, and airports.
Human Resources – people who supply the labor to produce goods and provide services.
Private Goods and Services – Meets the needs of individuals (hamburgers)
Public Goods and Services – Available to everyone; meets the needs of all (detergent, soap)
Interdependent - An economic system where producers and consumers rely on each other and on other economies to succeed
Tariff – Taxes on imported goods
Economic Indicator – Information used to measure the economy includes gross domestic product, consumer price index, inflation, and unemployment
Gross Domestic Product – Total market value of all goods and services produced in the United States in a certain time period
Consumer Price Index – A monthly price survey for a list of goods and services
Inflation Rate – Reflects a steady increase in the consumer price index
Unemployment Rate – The percentage of people who are out of work and looking for jobs
Name goods that are made in Louisiana. Ships, trucks, electrical equipment, glass products, automobile batteries, and mobile homes
Why is the chemical industry ranked 2nd in the United States? The production of petrochemicals (chemicals made from petroleum (oil)
What are some shipbuilding products produced in Louisiana? Merchant vessels, Coast Guard cutters, barges, tugboats, supply boats, fishing and pleasure vessels
What is biotechnology? The combining of biological research with engineering
Name two service industries. Tourism and movie making
Name some economic institutions. Businesses, corporations, banks, and labor unions
How much grain passes through Louisiana ports? 400 million tons of cargo which is 40% of all grains exported from the United States
What is NAFTA? North America Free Trade Agreement removed trade restrictions between the US, Canada, and Mexico. These trade policies shifted from protective tariffs toward free trade economy. W/O tariffs sugar and rice farmers have competition of lower pricing.
Created by: NoelleBordelon