1. LOUISIANA Wrap-Up Chapter 3 Louisiana’s Economy
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2. Economic
Concepts
Louisiana’s
Economic
History
Resources of
Louisiana
Louisiana’s
Modern
Economy
Louisiana
in the
World Economy
Economic
Vocabulary
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3. Final Wrap-Up Team 1 Team 2 Team 3 Team 4 Team 5 Wager Wager Wager
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4. What basic economic concept requires consumers and producers to make choices with their limited resources?

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

7. Opportunity cost and opportunity benefit
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8. What are three things that impact consumer demand?

9. 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
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10. Why has the price of flat screen TVs decreased over the last 10 years?

11. The supply has increased
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12. How is a rise in the Consumer Price Index (CPI) related to consumer buying power?

13. A rise in the CPI decreases consumer buying power
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14. When the first Europeans arrived in Louisiana they helped the Natives move from a traditional economy to one based on ________.

15. commerce
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16. Why did mercantilism fail in colonial Louisiana?

17. Neither France nor Spain could provide enough trade goods to meet the needs of the colonists
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18. Why did Louisiana change to a market economy in the early 1800s?

19. Louisiana began exporting large quantities of cotton and sugar
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20. How did the Mississippi River contribute to the development of Louisiana’s market economy in the 1800s?

21. Producers and consumers from other states used the river to reach the port at New Orleans
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22. How is this diagram connected to Louisiana’s manufacturing history?

23. The military success of Higgins’ boat design led to the development of seven
factories and 20,000 jobs
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24. What is the main difference between using pine as sawtimber and oak as sawtimber?

25. Pine trees are mostly turned into pulpwood and oak is mostly used in furniture, flooring, and kitchen cabinets
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26. What wildlife species brings more than $40 million into Louisiana?

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

29. Biological/Renewable Resources
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30. Despite having a great deal of risk, Louisiana’s economy is largely dependent on what two nonrenewable resources?

31. oil and gas
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32. What two resources are needed to transform a resource into a good or service?

33. Capital resources and human resources
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34. How is agribusiness different from farming in the past?

35. Fewer people are farming but production remains high
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36. What service industry brings the most money into Louisiana?

37. tourism
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38. What explains why Louisiana is working to diversify its economy today?

39. The price of oil can rise and fall dramatically making profits unpredictable
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40. What was a direct result of the 2002 tax incentives for film production?

41. The film industry in Louisiana grew rapidly
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42. Which explains one of the costs of passing the right-to-work law in 1976?

43. Having fewer union members reduces the bargaining power of the group
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44. How do tariffs protect producers in the United States?

45. They make imported goods more expensive for consumers
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46. How did The North American Free Trade Agreement’s (NAFTA) decision to remove trade restrictions with Mexico affect Louisiana?

47. Because labor is cheaper in Mexico, several textile factories left Louisiana
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48. How do New Orleans and Baton Rouge help Louisiana in a global economy?

49. These two cities have 2 of the nation’s top 5 deep water ports
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50. What is unusual about the super port off the coast of Lafourche Parish?

51. It is dedicated to transporting oil and gas from ships too large for other ports
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52. Why would rice and sugar farms support tariffs?

53. These farmers depend on tariffs to compete with other countries that can grow these items more cheaply
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54. What are capital resources?

55. tools used to produce commodities
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56. What are the characteristics of a command economy?

57. government directed decisions about resources
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58. How does a market economy differ from a command economy?

59. Producers and consumers are free to answer the four basic economic questions without government involvement
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60. Give an example of an economic institution.

61. banks, corporations, savings and loans, small businesses
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62. What is one of the most important economic indicators that measures the value of goods and services produced in the USA?

63. Gross Domestic Product (GDP)
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64. Make your wager on the scoreboard
Final
Wrap-Up
Make your wager on the scoreboard
Final Question
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65. What would make a worker’s spending power decrease even if he/she still made the same wages?

66. inflation
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