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Chapter 3 Test

Study Guide for Hibner's Chapter 3 Test

If the demand for an item goes up, what usually happens to the price? The price increases
West Virginia is the leading producer east of the Mississippi River of what mineral resource? Natural Gas
A tangible item such as clothes, a car, or a TV is consider to be what? A "good"
Food, water, and shelter are all examples of what economic concept? A "need"
What is biomass? Dead tree parts that can be used as fuel
What are three examples of capital resources? A building, money, or machinery
Who is the largest consumer of West Virginia's natural gas? Industry
What is the amount of money left over after costs are subtracted from the selling price? Profit
The "quantity of goods and services for sale" is known as the... Supply
What is a person who purchases goods or services known as? Consumer
What is the term for when you give up one thing to achieve a more desirable outcome? A trade-off
What type of resource is concerned with the health and well-being of a business' employees? Human Resource
What vocabulary term refers to something in short supply? Scarcity
A business' raw materials are know as its _______ resources. Natural Resource
What are the four basic questions that all producer must ask themselves? What to produce? How to produce? How much to produce? For whom to produce?
Who controls business in a "command" economy? The government
What was West Virginia's first major industry? Salt
What type of economic system is found in the United States? Market Economy
A "raw" material is a material that has not been _______. Processed
What is "agritourism"? People paying to receive a good or service from a working farm. Corn maze, pumpkin patch, apple orchard, etc.
What economic concept affects the amount of goods and services that are produced and sold? Supply and demand
What is a "nonrenewable resource"? Give an example. A natural resource that cannot be reproduced. Coal, oil, salt, natural gas, etc
What is "brine"? A mixture of water and salt that is used largely in the chemical industry
Created by: bhibner