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Louisiana's Economy
Chapter 3
| Term | Definition |
|---|---|
| goods | physical items such as food, clothing, cars, and homes, people need and want |
| services | activities people do for a fee |
| consumer | one who buys or uses goods or services |
| producer | the person business that uses resources to make goods or provide services |
| natural resource | a gift of nature, part of the natural environment; includes air, soil, water, and minerals |
| human resource | the people who produce good and provide services |
| capitol resource | the money and property that are used to produce goods and services |
| scarcity | the concept that there are not enough resources available to satisfy all needs and wants; as a result, choices must be made |
| opportunity cost | the value of the second choice in a decision |
| 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 selling price |
| traditional economy | an economy in which customs, habits, and beliefs determine how the four basic economic questions are answered |
| command economy | an economy that is controlled by the government which determines the answers to the four basic economic questions |
| market economy | an economy in which individuals answer the four basic economic questions bases on supply and demand |
| barter | trading goods and services without money |
| mercantalism | an economic policy under which a government strictly controlled its resources and its markets in order to acquire wealth |
| smuggling | illegal trade |
| mineral resources | inorganic substances that were formed by Earth's geological process |
| 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 burns poorly |
| biological resources | plants and animals; also called flora and fauna |
| renewable | refers to 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 formed to improve wages, benefits, and working conditions for workers |
| private goods and services | goods and services produced in a market economy |
| public goods and services | goods and services produced 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 the Gulf of Mexico that was constructed to handle extremely deep ships; serves primarily the offshore oil 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 |
| gross domestic product | an economic indicator; the top market value on all goods and services produced in a certain time period in the US |
| consumer price index (CPI) | an economic indicator; a monthly price survey for a list of goods and services |
| inflation | an economic indicator reflecting 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:
Ashley87923
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