Introduction
Resources & Scarcity
Making Choices
Economic Questions
Natural Resources
100
Requires an understanding of basic concepts that play a role in everyday life decisions
What is Economics?
100
The three types of resources needed to produce goods and services
What are natural, human, and capital resources
100
This occurs when you give up one thing in order to achieve a more desirable outcome.
What is a trade-off?
100
Three kinds of economies.
What is a traditional, command, and market economy?
100
The geographic region that is the location of major wood-related industries.
What is the Allegheny Highlands?
200
The three same basic needs that all people throughout the world have and share
What is food, clothing, and shelter?
200
Water, trees, and minerals.
What are natural resources?
200
The quantity of a good or service.
What is a supply?
200
Three qualities in a traditional economy that determine how the four basic economic questions are answered.
What are customs, habits, and beliefs?
200
Three different economies that the rich limestone-based soil in the eastern panhandle of the Potomac Section supports
What are the agriculture, poultry, and livestock economies?
300
Tangible (touchable) things such as food, clothing, cars, MP3 players, and DVDs.
What are goods?
300
People who produce goods and services.
What are human resources?
300
The quantity of a good or service consumers are willing are able to buy.
What is a demand
300
This system of authority controls the economy and answers the four basic economic questions.
What is the government?
300
The geographic region that contains a high volume of coal, oil, and natural gas.
What is the Allegheny Plateau?
400
Activities people do for a fee.
What are services?
400
Money or property used to produce goods and services
What are capital resources?
400
The amount left after costs are subtracted from the price.
What is a profit?
400
This body of knowledge answers the four basic economic questions in the market economy.
What are individuals?
400
Nonrenewable, inorganic substances that were formed by Earth's geological process.
What are mineral resources?
500
The person or business that makes goods or provides services.
What is a producer?
500
A person who purchases a product or service.
What is a consumer?
500
The four basic economic questions
What is: 1) what to produce 2) how to produce 3) how much to produce 4) for whom to produce
500
Two things to consider in regards to addressing how much people need to produce.
What is time and resource?
500
This mineral in West Virginia amounts to 15% of this total mineral produce nationally.
What is coal?
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