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La History Ch 3 Voc
| Question | Answer |
|---|---|
| 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
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