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Ch. 3 Study Guide

QuestionAnswer
what is the most important mineral found in WV? coal
WV is the leading producer of natural gas eat of what river? mississippi
what is the largest consumer of WV's natural gas? industries
is coal a "non-fuel" mineral? no
biomass can be used to produce electricity, heat, and what materials? compost
What question should producers answer first? what to produce?
The U.S. features what economic system? market
In a traditional economic system, what controls the economy? customs
What was the first major industry in western Virginia? salt
Wars in the early 1800's influenced the growth of what industry because the U.S. couldn't get foreign supplies. salt
Western Virginia's salt industry began to decline because what made it easier to ship salt from interior mines? railroads
What was the location of western Virginia's first iron furnace? Harper's Ferry
"Nail City" is a nickname for what? Wheeling
What WV industry began to decline in the 1970's and 1980's because of global competition? steel
Owners of what have profited the most from coal mining in WV? mineral rights
Absentee landowners who didn't care about the what of natural resources are responsible for their largest misuses? future
What are three types of resources used by economic systems? natural, human, capital
Who were WV's first producers of commercial oil? William and John Rathbon
What include tangible items such as clothing, cars, and DVDs? goods
The amount left over after costs are subtracted from the selling price is called what? profit
What refers to the quantity of goods and services for sale? supply
Something has what when it is in short supply? scarcity
A what is a person whos makes goods or provides services? producer
A what is a person who purchases goods and/or services? consumer
Created by: alyssamengeu
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