Section 1: “basic Economic Concepts”

 Physical items such as food, clothing, cars, and houses. {Touch}

 Activities people do for a fee {car repair house painting, concerts}

 A person who satisfies a want or need by buying a good of service. {Haircut or Cheeseburger}

A person or business who uses resources to make goods or provide services.(mow lawns or make or sell bracelets)

 The system of (make) Producing, (sell) distributing, and consuming (use) goods.

 A gift of nature, part of the natural environment such as water, trees, or minerals.

 The people who produce the goods and provide the services

 Money and Property-factories, tools, bridges, machines, and other items used to produce goods and services

 People need and want more than the available.

 The choice you make

 The value of your second choice.

 The quantity of a good or service offered for sale.

 The quantity of a good or service consumers are willing and able to buy.

 The amount left after costs are subtracted from the price.

 A. What to produce? {Based on available resources}  B. How to produce? {based on time and resources}  C. How many to produce? {based on scarcity}  D. For whom to produce? {based on consumers}

 16.Define Barter: Trading goods and services without money.

 The government of the mother country controls its colonies’ resources and markets in order to acquire wealth (gold and silver)

 Illegal trade.

 Tobacco and indigo.

 A market economy based on agriculture.

 Not living inorganic substances that were formed by Earth’s geological processes,(oil, natural gas, salt, sulphur, and lignite).

 These mineral resources which are not replaced by nature once they are extracted. {Taken out}

 A soft, brownish-black coal that burns poorly because of its high water content {Desoto parish}

 Plants and animals, also called flor and fauna.

 Biological resources which replenish themselves over time.

 Smaller softer trees which are shredded into pulp, then made into paper. {Hard trees to make furniture, etc.

 They demand for furs has dropped.

 Groups of workers organized to demand fair pay and safe working conditions.

 Goods and services produced in a market economy.

 Goods and services provided by the government.

 Tourism

 Producers and consumers who rely on each other and on other economies to succeed.

 40%

 Louisiana’s offshore port

 Taxes on imported goods.

 Economic information used to measure the economy.  A. Gross domestic product {GDP}---the total market value of all goods and services produced in the U.S. in a certain time period.  B. Consumer price index {CPI}--- a monthly price survey for a list of goods and services.  C. Inflation--- a steady increase in the consumer price index.  D. Unemployment rates--- the percentage of people who are out of work.

 A. traditional economy---customs, habits, and beliefs determine how the 4 basic economic questions are answered.  B. Command economy---the government controls the economy {No say so}  C. Market economy---individuals answer the four basic economic questions on supply and demand.

BiologicalMineral