Part of nature or natural environment
Examples are dirt, water, plants, animals, etc.
What are natural resources?
100
tobacco and indigo
What were LA's earliest crops?
100
Natural resources that cannot be replaced by nature once they are extracted from the environment.
What are nonrenewable resources?
100
Goods/services available to the public for use.
Examples are highways, roads, public education, public libraries, etc.
What are public goods/services?
200
The quantity of a good/service consumers are willing and able to buy.
What is demand?
200
What to produce, For whom to produce, how to produce, how much to produce?
What are the four basic economic questions that must be answered in an economy.
200
Trading goods and services without money (what LA's first economic system was based on)
What is barter?
200
plants ; animals
What is flora and fauna?
200
When producers and consumers rely on each other and on other economies to survive or succeed.
What is interdependent?
300
The concept where there are not enough resources (natural, human, capital) available to satisfy all needs and wants.
What is scarcity?
300
Money and property used to produce goods and services for the public.
Examples are highways, roads, factories, bridges, etc.
What are capital resources?
300
Oil became important in theearly twentieth century.
When did oil become an important part of LA's economy.
300
Wild turkey, dove quail
What are three game birds in LA?
300
North America Free Trade Agreement ; removed trade restrictions between US, Canada, and Mexico.
What is NAFTA?
400
What you gain from taking an opportunity
What is opportunity benefit?
400
Also known as free enterprise ; based on private ownership and freedom of individuals to make economic choices.
What is market economy?
400
New advances in technology were brought on farms and replaced many human workers.
How did LA farms changed after WWII?
400
A law that states that no one is required to join a labor union to get a job.
What is LA's right-to-work law?
400
Total market value of all goods and services produced in the US in a certain time period. It measures the amount of goods and services produced in the US.
What is Gross Domestic Product?
500
An exchange of one thing in return for another ; Giving up one advantage to gain another.
What is a trade-off?
500
The basic economic questions in this economy are answered by the government.
What is a command economy?
500
The mother countries controlled all the trade the the colonies.
Example is like Great Britain and the colonies
What is mercantilism?
500
The old oil rigs have been converted into artificial reefs and attract thousands of fish.
How have old oil rigs in the Gulf used to support the fishing industry?
500
An economic indicator reflecting a steady increase in the CPI(consumer price index). The buyer gets less for their money due to the price increases.