LA
On the chart, which year has the biggest unemployment rate in Louisiana?
2003
On the chart, which year has the smallest difference between Louisiana and US Unemployment Rate?
2004
In what kind of system do the 4 questions of economics get answered by the government?
Command System
Supply and Demand
What word is defined as "a share of profits a business pays to its investors"?
Dividend
What important products are exported from Louisiana?
Oil, natural gas, minerals
On the chart, which year has the biggest difference between Louisiana and US Unemployment Rate?
2000
In what kind of system do the 4 questions of economics get answered by the people?
Market System
When does inflation occur?
Demand for goods is greater than the supply
What word is defined as "A tax on foreign/imported goods"?
Tariff
Why are people moving away from bartering?
Paying with money for goods and services is more convenient
How does economic flow work?
Goods and services get exchanged from consumers to businesses and the cycle keeps going.
Who answers the 4 questions of economics in a Traditional System?
List 3 Goods provided by the government
Answers may vary. Hospitals, Education, Public Welfare
What word is defined as "Portions of a public corporation available for sale"?
Stock
How does bartering work?
People exchange goods or services without money.
Anyone working more than 40 hours a week must be paid ________ the regular rate for overtime.
1.5x
Who answers the 4 questions of economics in a Command System?
Government
List 3 services provided by the government
Answers may vary. Highway Construction, Protect Rights, Criminal Justice
What word is defined as "To assist or support with money"?
Subsidize
How does Louisiana's historic preservation efforts differ from the rest of the world?
Louisiana spends more on historic preservation than any other state, causing lots of tourists, which boosts the state economy.
Why is a surplus market dangerous?
As prices fall, profits decrease, so lay offs happen and they eventually go out of business.
Who answers the 4 questions of economics in a Market System?
People/Citizens
What are the 4 questions of economics?
How is it being produced?
Who will buy the product?
How much should be produced?
What word is defined as "The fee or change for a loan or credit"?
Interest