Ch 3 Sec 1 and 2: Economics and Louisiana

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Description and Tags

36 Terms

1

economy

A system by which goods and services are produced and distributed

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2

goods

Items purchased to satisfy needs and wants

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3

services

Actions or activities that one person performs for another

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4

consumer

A person who purchases goods and services for personal use

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5

Producer

A person, company, or country that makes, grows, or supplies goods or commodities for sale

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6

natural resource

Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain

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7

human resource

a person and the skills and knowledge he or she brings to a job

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8

capital resource

a tool, machine, or building that people use to produce goods and services

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9

scarcity

Limited quantities of resources to meet unlimited wants

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10

supply

The amount of goods available

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11

demand

Consumer willingness and ability to buy products

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12

profit

The financial gain made in a transaction

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13

economist

a person who studies the economy

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14

Traditional Economy

An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.

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15

command economy

An economic system in which the government controls a country's economy.

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16

market economy

Economic decisions are made by individuals or the open market.

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17

Mercantilism

An economic policy under which nations sought to increase their wealth and power by obtaining large amounts of gold and silver and by selling more goods than they bought

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18

smuggling

The act of illegally importing or exporting goods

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19

commerce

the buying and selling of goods and services

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20

What are the two different levels of economies?

Macro and micro

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21

Natural

resources found in nature

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22

human

resources provided by people in the goal of providing a service

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23

capital

any tool used to provide a resource or good/service

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24

in economic choices, what are the two outcomes called?

Opportunity cost and opportunity benefit

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25

What do the two outcomes of economic choices mean?

Opportunity cost is what you miss out on by choosing and can be good or bad, opportunity benefit is what you get by choosing

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26

How do supply and demand curves shift when prices change?

They either shift left or right depending on if the price goes up or down

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27

demand goes up, supply stays the same

prices goes up

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28

demand goes down, supply stays the same

price goes down

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29

demand stays the same, supply goes up

price goes down

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30

demand stays the same, supply goes down

price goes up

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31

What is a surplus and a shortage?

surplus → supply is greater than demand shortage → demand is greater than supply

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32

Be able to read an economic model and determine surplus vs shortage. How do you tell?

Read the model to determine where quantity is greater (supply or demand). If it is the top gap of the "X", then its a surplus, if it is the bottom gap of the "X", then it is a shortage

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33

How do you calculate how much a surplus is using an economic model or table? (Hint: remember IXL)

Subtract the quantity demand from the quantity supply (supply is greater than demand)

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34

How do you calculate how much a shortage is using an economic model or table? (Hint: remember IXL)

Subtract the quantity supply from the quantity demand (demand is greater than the supply)

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35

What are the four basic economic questions?

What will be produced? How will it be produced? For whom will it be produced? How much will it be produced?

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36

What are the three types of economies and what are the difference between the 3?

~Traditional economy → based on religion, customs, and beliefs. Bartering occurs and based on agriculture ~Command economy → government answers basic economic questions for citizens ~Market economy → individual citizens answer the basic economic questions

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