2. Section 1: “basic Economic Concepts”

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

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

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

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

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

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

9.  The people who produce the goods and provide the services

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

12.  People need and want more than the available.

13.  The choice you make

14.  The value of your second choice.

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

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

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

18.  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}

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

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

21.  Illegal trade.

22.  Tobacco and indigo.

23.  A market economy based on agriculture.

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

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

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

28.  Plants and animals, also called flor and fauna.

29.  Biological resources which replenish themselves over time.

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

31.  They demand for furs has dropped.

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

34.  Goods and services produced in a market economy.

35.  Goods and services provided by the government.

36.  Tourism

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

38.  40%

39.  Louisiana’s offshore port

40.  Taxes on imported goods.

41.  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.

43.  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.

44. BiologicalMineral