Unit 6 Louisiana History Modified

Activities people do for a fee:

• Services

• Needs

• wants

In this type of economic system the people make the economic choices:

• Command Economy

• Market Economy

• Traditional Economy

What is an example of a capital resource?

• minerals

• forests

• Machines

The person who buys goods or services is known as:

• Patron

• Producer

• Consumer

The law of supply says that as price of a particular good increases the supply of that item will do what?

• Increase

• decrease

• Stays the same

This mineral is made into other things such as PVC pipe:

• sulfur

• lignite

• salt

Louisiana leads the US in the production of this mineral:

• oil

• Natural gas

• salt

When businesses and industries in a system rely on each other to succeed it is:

• Inflation

• Scarcity

• Interdependence

This is the condition of our resources not meeting all of our wants and needs:

• Inflation

• Scarcity

• Unemployment

In this type of economic system private enterprise is discouraged and there is little input from the people:

• Market Economy

• Mixed Economy

• Command Economy