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La CHapter 3
LA chapter 3 test
| Question | Answer |
|---|---|
| four basic economic questions | what to produce, how is it made, who will buy it, how much to produce |
| who makes the decisions about what to produce,how much,at what cost and for whom in a free market/capitalist system? | the people or indivduals |
| who make the economic decisions in a command system? | government |
| what does a regulatory agency do? | monitons economic like public service commissn activity |
| give the definition of ''goods.'' | people want/ need /produced |
| give the definition of ''services.'' | task |
| what is a public service? who provides it? | government/police,fire,eduction |
| how does competition influence companies? | prices got down/ marketing |
| explain what happen to prices and businesses when there is a surplus of a product. | prices drop & business go under |
| give an example of a surplus situation. | beach towels in the winter |
| explain how scarcity happen.how do businesses and consumer react? | business go up on prices & consumers panic |
| give an example of a scarcity situation. | plywood after hurricane |
| explain the difference between a wage and a salary | wage-hourly / salary- yearly |
| what group set the minimum wage | government / congress |
| what do you think happen to wages and salaries when there is a surplus of people for those jobs? | lower wages |
| what do you think happen to wage and salaries when there is a scarcity of people for those jobs? | high wages |
| what can you do to increase your chance of getting the job you want? | specializing/education |
| what factors/things can cause unemployment? | supply&demand/natural disasters/competition |
| how does increased unemployment affect the rest of the economy? | less money to spend |
| explain how bartering works. what are the disadvantages with using it? | trade goods for often goods / inconvient-no charge /diffcult to tranport |
| what are the other ways that people purchace the things they want or need? | gold /sliver/cash/credit/ debt |
| what is ''interest.'' when is it used? | money you pay to credit or money they give you |
| what is the difference between ''compound'' and ''simple interest?'' | compound montly simple onces |
| explain what ''inflation '' is and how it can be bad for working people. | prices rise people can get what the need salary can't keep up |
| louisiana is a world producer of which of the following items: | lumber,oil,natural gas,cotton,shrimp,soybean |
| louisiana's top two related industries are: | oil&natural gas |
| the second most important industry in louisiana is_ which prouduces dried shrimp as one of its products. | fishing |
| louisiana is the largest supplier of_in the U.S. :we provide 90% of the US supplies of this item. | crawfish |
| louisiana's _ industry is growing due to our good climate, unique landscape,culture and low cost of living. | movies |
| louisiana produces the following minerals: | surful&salt |
| _ provides 110,000 jobs annually and is a major part of helping our historic conservation efforts. | tourism |
| louisiana has _ and _ trade due to the mississippi river _ of the nation's trade passes throught the 5 ports of louisiana. | national ,international &25% |
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