Modern Texas Economy

A set of flashcards covering key vocabulary and concepts related to the modern Texas economy.

Economy

The wealth and resources of a nation and how they are managed.

Free Enterprise Economy

An economic system where individuals have the right to own businesses and make money with limited government interference.

Entrepreneur

A risk-taking business person who invests capital to create a business.

Capital

Resources such as money or equipment used to invest in business.

Agribusiness

Business related to the production, processing, and distribution of agricultural products.

Petroleum Industry

The production and distribution of oil and natural gas.

Supply and Demand

The relationship where the supply of goods affects their price and demand.

Boom/Bust Cycle

An economic cycle characterized by periods of intense highs (booms) and lows (busts).

Diversification

Increasing the variety of products to strengthen the economy.

Petrochemical Industry

Industry that produces chemicals or products made from petroleum or natural gas.

Telecommunication Industry

Industry related to communication technologies, including cloud computing.

Aerospace Industry

Industry that includes the development and manufacturing of flight vehicles, represented in Texas by NASA.

Service Industries

Industries that provide services rather than goods, such as banking, education, and healthcare.

Real Estate Industry

Industry associated with the buying, selling, and management of land and properties.

Tourism Industry

Industry that brings visitors to Texas and contributes to the economy.

Global Marketplace

The international economic environment where goods and services are exchanged.