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LH Test Unit: 6

QuestionAnswer
How has Louisiana become more diverse in the 21st century? LA host 1,000 of cultural events, tourism, heritage celebration, Music festival
What is the impact of an open primary or elections? You can vote for any party
What were the economic impacts of Hurricane Katrina? unemployment doubled, demand for goods rose, supplies of goods fell, refinery derange
Tariffs are used to protect what economy? Jobs and Profits
Quotas are used to protect and economize how does it do that? Limits the amount of goods that can be imported.
What is the value of a dollar based on? Government, net exports, and consumers
Give some examples of "non- labor force". Define the labor force. 16 or older who are able to work. Retired people, full students, discouraged; the population over 16 that is willing and able to work
Product market exchanges income in homes for what? Income is traded for goods and services
What is a common disadvantage of traditional and command economies No individual focus
Opportunity cost can play a role at the national level. What is opportunity cost? Cost and benefits of wind and solar energy. Opportunity cost is what you give up for something else.
Define economize? The greatest benefits at least cost
All decisions involve both____and _____. cost and consequences
What is the law of supply and demand? What are some factors that impact supply? supply goes up, demand goes down. * available material * ability to keep up with demand * Competition * changes in spending
Why is Andrew Higgins an example of supply and demand? He saw demand, and made a supply for WWII
What has the growth of oil industry in Louisiana Lead to? Specialization for chemical manufacturing
Having Chicory in Louisiana has impacted what industry? Coffee
Who is a producer? Define it. A person that provides goods and services
What type of economy is Louisiana? Define a traditional economy and what is the goal. LA is a mixed economy based on trade and bartering; economic security
In a pure market economy- what determines prices? Defines a command economy and what is the goal of a command economy? government controls it; the goal of a command economy is equality
Why do countries export goods into them? because they can make it cheap
In a market economy who answers the 3 economic questions. What are the 4 economic questions? the producers and consumers
A factor market like in the Antebellum period send payments for what? send payments for rent profit and wages
New Orleans is important to Louisiana's economy because....? it is an very important port
Define Inflation. How does this impact wages? Define GDP. What happens if GDP falls? Inflation: when the value of a dollar increases and wages stays the same; inflation reduces the amount of stuff people buy. GDP: the amount of all goods produced in a country; values falls
What are some of the measures taken by Louisiana to recover the economy? *gave money to farmers *preparing buildings *encouraged small businesses
Define NAFTA and what does a free trade agreement mean? NAFTA: no tariffs or quotas between Mexico, US and Canada
Define the business cycle. Define market basket. Business cycle: rise and fall of economic activity through periods of expansion and recession. Market basket: items that make up urban households
Define CPI. What affects it? CPI- consumer price index: education, communication, food, beverages, and medical care
Define Scarcity. How Is this connected to resources? Scarcity: limited resources; limited on the amount of goods and services available
Created by: kalynnlee