LOUISIANA Wrap-Up Chapter 3 Louisiana’s Economy To play the game, go to the next slide and click on a point value to go to a question. To go to final Wrap-Up click on Final Wrap-Up at the bottom of the main screen.

Economic Concepts Louisiana’s Economic History Resources of Louisiana Louisiana’s Modern Economy Louisiana in the World Economy Economic Vocabulary 100 100 100 100 100 100 200 200 200 200 200 200 300 300 300 300 300 300 400 400 400 400 400 400 500 500 500 500 500 500

Final Wrap-Up Team 1 Team 2 Team 3 Team 4 Team 5 Wager Wager Wager board

What basic economic concept requires consumers and producers to make choices with their limited resources?

scarcity board score

What are the two consequences each time individuals, families, businesses, or governments make an economic choice?

Opportunity cost and opportunity benefit board score

What are three things that impact consumer demand?

Have the ability to pay for it A consumer must: Want something Have the ability to pay for it Be willing to pay for it board score

Why has the price of flat screen TVs decreased over the last 10 years?

The supply has increased board score

How is a rise in the Consumer Price Index (CPI) related to consumer buying power?

A rise in the CPI decreases consumer buying power board score

When the first Europeans arrived in Louisiana they helped the Natives move from a traditional economy to one based on ________.

commerce board score

Why did mercantilism fail in colonial Louisiana?

Neither France nor Spain could provide enough trade goods to meet the needs of the colonists board score

Why did Louisiana change to a market economy in the early 1800s?

Louisiana began exporting large quantities of cotton and sugar board score

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 board score

How is this diagram connected to Louisiana’s manufacturing history?

The military success of Higgins’ boat design led to the development of seven factories and 20,000 jobs board score

What is the main difference between using pine as sawtimber and oak as sawtimber?

Pine trees are mostly turned into pulpwood and oak is mostly used in furniture, flooring, and kitchen cabinets board score

What wildlife species brings more than $40 million into Louisiana?

alligators board score

Timber, alligators, fish, shrimp, crabs, and oysters are all examples of what type of resource?

Biological/Renewable Resources board score

Despite having a great deal of risk, Louisiana’s economy is largely dependent on what two nonrenewable resources?

oil and gas board score

What two resources are needed to transform a resource into a good or service?

Capital resources and human resources board score

How is agribusiness different from farming in the past?

Fewer people are farming but production remains high board score

What service industry brings the most money into Louisiana?

tourism board score

What explains why Louisiana is working to diversify its economy today?

The price of oil can rise and fall dramatically making profits unpredictable board score

What was a direct result of the 2002 tax incentives for film production?

The film industry in Louisiana grew rapidly board score

Which explains one of the costs of passing the right-to-work law in 1976?

Having fewer union members reduces the bargaining power of the group board score

How do tariffs protect producers in the United States?

They make imported goods more expensive for consumers board score

How did The North American Free Trade Agreement’s (NAFTA) decision to remove trade restrictions with Mexico affect Louisiana?

Because labor is cheaper in Mexico, several textile factories left Louisiana board score

How do New Orleans and Baton Rouge help Louisiana in a global economy?

These two cities have 2 of the nation’s top 5 deep water ports board score

What is unusual about the super port off the coast of Lafourche Parish?

It is dedicated to transporting oil and gas from ships too large for other ports board score

Why would rice and sugar farms support tariffs?

These farmers depend on tariffs to compete with other countries that can grow these items more cheaply board score

What are capital resources?

tools used to produce commodities board score

What are the characteristics of a command economy?

government directed decisions about resources board score

How does a market economy differ from a command economy?

Producers and consumers are free to answer the four basic economic questions without government involvement board score

Give an example of an economic institution.

banks, corporations, savings and loans, small businesses board score

What is one of the most important economic indicators that measures the value of goods and services produced in the USA?

Gross Domestic Product (GDP) board score

Make your wager on the scoreboard Final Wrap-Up Make your wager on the scoreboard Final Question score

What would make a worker’s spending power decrease even if he/she still made the same wages?

inflation board score