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Louisiana's Economy

Chapter 3

TermDefinition
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