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Ch. 3 LA History

Ch. 3 Louisiana History

1. How people manage material resources in a community or other organized body (single household, city, state, nation, or the globe) Economy
2. Tangible items (things you can touch) such as food, clothing, cars, and houses Goods
3. The work or activities people perform, often for a fee Services
4. A person who satisfies a need or want by buying a good or service Consumer
5. The person or group of people who use resources to make goods or provide services Producer
6. Something useful to humans that comes from Earth or nature Natural resource
7. The person who produces goods or services Human resource
8. A tool used in the production of goods and services Capital resource
9. The condition that exists when people and societies try to satisfy unlimited wants with limited resources Scarcity
10. The quantity of a good or service available for sale Supply
11. The quantity of a good or service consumers are willing to buy Demand
12. The amount left after costs are subtracted from price Profit
13. A person who studies the economy and seeks to understand the way communities or societies address scarcity and decide how to allocate resources Economist
14. An economy that depends on agriculture and bartering, in which economic decisions are often based on customs, beliefs, or habits Traditional economy
15. An economy in which the government directs the economic system and tries to control how producers answer the four basic economic questions Command economy
16. An economy in which economic decisions are made at an individual, not a government, level, with the four basic economic questions answered by producers Market economy
17. Buying and selling goods Commerce
18. The idea that colonies existed to contribute to the wealth and power of the mother nation Mercantilism
19. Secret and illegal trade Smuggling
20. A natural resource that is a plant or animal (flora and fauna) and is renewable over time Biological Resource
21. Replanting trees in areas that have been cut Reforestation
22. The place where a plant or animal normally or naturally grows Habitat
23. A natural substance found inside Earth, which is formed by slow geological processes Mineral resource
24. A large, complex business enterprise that has many investors (called shareholders) Corporation
25. Laws that state that no one can be forced to join a union to get a certain kind of job Right-to-work laws
26. A tax placed on a good imported into the United States to protect a U.S. producer from the cheaper goods from international competitors Tariff
27. An economic indicator that measures the total value of the final goods and services produced in the United States in a certain time period, usually one year Gross Domestic Product
28. An economic indicator that measures whether prices of goods and services have risen or fallen in comparison to previous months Consumer Price Index
29. What type of economic system is described in the passage about the first traders and their deerskins? traditional economy
30. What conclusion can be drawn from the table labeled 1721 Trade Agreement? Natives did not have access to woolen cloth.
31. Which explains why mercantilism was unsuccessful in the Louisiana colony? Neither France nor Spain could provide enough trade goods to meet the colonists’ needs.
32. Which crop is grown primarily in the northeastern part of Louisiana? cotton
33. Which region supports the majority of Louisiana’s rice production? Marsh
34. What conclusion could be drawn about this 2002 tax incentive? Thousands of jobs will be created and goods and service industries will benefit from the influx of people and income.
35. Which was a direct result of the 2002 tax incentives for film production? The film industry in Louisiana grew rapidly, and the state has become known as “Hollywood South.”
36. Which is an example of goods? a new wardrobe
37. Which is an example of a service? a concert
38. Which of the following describes a natural resource? cypress trees
39. What are capital resources? bacon factory
40. Which is an example of a human resource? chef
41. What was Jillian’s opportunity cost from the passage? the sweater
42. What was Jillian’s opportunity benefit? the jeans
43. Which explains how supply affects prices? When the supply of something is high, the prices for it are low.
44. Which explains how prices affect demand? As prices rise, demand usually goes down.
45. How did the Mississippi River contribute to the development of Louisiana’s market economy in the 1800s? Producers and consumers from other states used the river to reach the port at New Orleans.
46. Which brought great prosperity and economic change to Louisiana in the early 1900s? the discovery of oil
47. How did the early practice of clear-cutting affect Louisiana’s biological resources? animal populations decreased
48. Which is an example of how Louisiana’s many waterways have contributed to the state’s economic development? Commercial fishing in Louisiana accounts for 25% of the commercial catch in the United States.
49. How do tariffs protect producers in the United States? They make imported goods more expensive for consumers.
50. Which is an example of inflation? a steady rise in the price of gas
51. Using the given source, which of Louisiana’s fishing areas would most likely be affected by storm surges created by hurricanes? *areas closest to the Gulf Coast *low-lying areas near water sources
52. Using Source, which statement explains how the demand for seafood products most likely affects the commercial fishing industry in Louisiana? When demand is high, more jobs in the industry become available.
53. Based on Source, which statement best explains how excessive rain can negatively affect the fishing industry in Louisiana? Excessive rain increases the pollution of fish habitats.
54. Which two phrases from the list in the chart show two correct causes of natural phenomenon on the decline of the fishing industry in Louisiana. *droughts occur *hurricanes damage breeding grounds
55. Which two phrases from the list in the chart to show two correct effects of natural phenomenon on the decline of the fishing industry in Louisiana. *fishing profits decrease *unemployment increases in the fishing industry
56. Which statement best explains the importance of Louisiana’s exports to international trade? Louisiana exports valuable natural resources and raw materials to other nations.
57. Which statement best describes a feature of the cotton industry in the economic development of Louisiana? Demand has had a large impact on the amount of cotton production in Louisiana.
58. Which statement best explains the relationship between specialization and the seafood industry in Louisiana? Producers are able to focus on high-quality seafood to compete with imports.
Created by: Esther Landry
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