Busy. Please wait.

Forgot Password?

Don't have an account?  Sign up 

show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.

By signing up, I agree to StudyStack's Terms of Service and Privacy Policy.

Already a StudyStack user? Log In

Reset Password
Enter the email address associated with your account, and we'll email you a link to reset your password.

Remove ads
Don't know (0)
Know (0)
remaining cards (0)
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
restart all cards

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Chapter 3 Test-LA

Physical items such as food, clothing, cars, and homes goods
Activities people do for others for a fee; examples include medical treatment, education, equipment and car repairs, haircuts and concerts services
One who buys or uses goods or services consumer
The person or business that uses resources to make goods or provide services producer
A gift of nature, part of the natural environment; includes the air, the soil, water, and minerals natural resources
The money and property (factories, tools, bridges, machines, and so on) that are used to produce goods and services capital resources
The concept that there are not enough resources (natural, human and capital) available to satisfy all needs and wants; as a result, choices must be made scarcity
The value of the second choice in a decision-making situation opportunity cost
The quantity of goods or services offered for sale supply
The quantity of a good or service consumers are willing and able to buy demand
The amount left after costs are subtracted from the selling price profit
An economy in which customs, habits, and beliefs determine how the four basic economic questions are answered traditional economy
An economy that is controlled by the government, which determines the answers to the four basic economic questions command economy
An economy in which individuals answer the four basic economic questions based on supply and demand market economy
Trading goods and services without money barter
An economic policy under which a government strictly controlled its resources and its markets in order to acquire wealth (gold and silver) mercantilism
Illegal trade smuggling
Inorganic substances that were formed by Earth’s geological processes; include oil, natural gas, salt, sulphur, and lignite mineral resources
Refers to natural resources not replaced by nature once they are extracted from the environment nonrenewable
The lowest-quality coal; a soft, brownish-black coal that, because of its high water content, burns poorly lignite
Plants and animals; also called flora (plants) and fauna (animals) biological resources
Refers to biological resources that replenish themselves over time renewable
Smaller, softer trees (mostly pine) that are shredded into pulp to be made into paper pulpwood
An organization of workers formed to improve wages, benefits, and working conditions for workers labor union
Goods and services produced in a market economy private goods and services
Goods and services provided by the government public goods and services
Refers to an economic system where producers and consumers rely on each other and on other economies to succeed interdependent
An offshore port in the Gulf of Mexico that was constructed to handle extremely deep ships; serves primarily the offshore oil industry ad Louisiana’s oil refineries Superport
A tax on imports designed to keep out foreign competition tariff
Economic information used to measure the economy; includes gross domestic product, consumer price index, inflation rate, and unemployment rate economic indicators
An economic indicator; the total market value of all goods and services produced in the United States in a certain time period gross domestic product
An economic indicator; a monthly price survey for a list of goods and services consumer price index
An economic indicator reflecting a steady increase in the consumer price index inflation
An economic indicator; the percentage of people who are out of work and looking for jobs unemployment rate
People needing and wanting more than the resources available can result in scarcity.
Which group does NOT include examples of capital resources? minerals, wildlife, forests
What is the system of producing, distributing, and consuming goods called? economy
One effect of economic specialization in Louisiana is Louisiana’s greater economic dependence on other states
Which of the following demonstrates a public service? A worker fixing a highway
What was one of the earliest crops produced in Louisiana? tobacco
By the time of the Louisiana Purchase, what type of economy did Louisiana have? market
Why is education more important in today’s economy? A changing economy needs workers with new job skills.
Where was the first offshore oil well drilled in Louisiana? Caddo Parish
What is a use of pulpwood? paper
Why has trapping declined in Louisiana? There has been a decline in the demand for fur.
What is the opportunity cost of going to college straight out of high school as opposed to starting a job? The salary of the job you did not take
What is an example of a service industry? tourism
Which is more likely to happen in an inflated economy? More goods will be produced.
Why did mercantilism fail in Louisiana? No gold or silver were found.
According to the chart, what was the unemployment trend from 1995 to 1999? Unemployment decreased.
Created by: Colleen Frazier