La History Ch 3 Voc
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| goods | physical items such as food, clothing, cars, and homes.
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| services | activities people do for others for a fee
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| consumer | one who buys or uses goods or services
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| producer | THe person or business that uses resources to make goods or provide services
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| natrual resources | a gift of nature,part of the natural enviroment
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| human resources | the people who produce goods and provide services
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| capital resources | the money and property used to produces goods and services
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| scarcity | the concept that there are not enough resources
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| opportunity cost | the value of the second choice in a decision-making situation
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| supply | the amount of the goods or services
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| demand | the amount of goods or services consumers are willing and able to buy
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| profit | the amount left after costs are subtracted from the selling price
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| traditional economy | an economy in which customs determine questions and answer
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| command economy | an economy controlled by the govenment
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| market economy | an economy were individals answer questions
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| barter | trading goods and services without money
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| mercantilism | an economic policy under which a government controls resources
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| smuggling | illegal trade
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| mineral resources | inorganic sudatances that were formed by earth
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| nonrenewable | refers to natural resources not replaced by nature once they are extracted from the environment.
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| lignite | the lowest quality coal; a soft, brownish-black coal that, because of its high water content, burns poorly
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| biological resources | plants and animals; also called flora (plants) and fauna (animals)
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| renewable | biological resources that replenish themselves over time.
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| pulpwood | smaller, softer trees (mostly pine) that are shredded into pulp to be made into paper
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| labor union | an organization of workers ofrmed to improve wages, benefits, and working conditions for workers.
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| private goods & Services | goods and services produced in a market economy
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| public goods & services | goods and services provided by the government
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| interdependent | refers to an economic system where producers and consumers rely on each other and on other economies to succeed.
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| 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.
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| tariff | a tax on imports designed to keep out foreign competition.
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| economic indicators | economic information used to measure the economy, includes gross domestic product, consumer price index, inflation rate, and unemployment rate.
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| gross domestic product | an economic indicator; the total market value of all goods and services produced in the US in a certain time period.
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| consumer price index | an economic indicator; a monthly price survey for a list of goods and services
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| inflation | an economic indicator reflecting a steady increase in consumer price index
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| unemployment rate | an economic indicator; the percentage of people who are out of work and looking for jobs
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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