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Chapter 3 Test
Study Guide for Hibner's Chapter 3 Test
| Question | Answer |
|---|---|
| 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
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