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CHAPTER 3
social studies mrs cammate chapter 3- pages 1-5
45
Social Studies
8th Grade
10/29/2012

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Term
economy
Definition
the study of the production, distribution, and consumption of goos & services
Term
-what is being produced
-how will it be produced
-how much will be produced
-who will buy it
Definition
what are the 4 questions
Term
the market system
Definition
______ system is when the US and most of the western world operates in this way
Term
the market system
Definition
______ system is also called the free enterprise or capitalist system
Term
the market system
Definition
______ system is when people own property operate business and make decisions about the 4 questions of the economy
Term
the market system
Definition
______ system is when the gov. regulates to ensure fair business practices and safety of workers and consumers
Term
the command system
Definition
______ system is used by the communist gov.
Term
the command system
Definition
______ system is when the gov. decides how to answer the 4 questions
Term
the traditional system
Definition
______ system= underdeveloped nations may follow this system
Term
the traditional system
Definition
______ system is when the 4 questions are answered by tradition
Term
the traditional system
Definition
______ system is when jobs are handed down form father to son
Term
the traditional system
Definition
______ system is when men and women have diff. jobs
Term
the public service commission
Definition
what regulates utilities within the state?
Term
by the hour
Definition
how are employees working for wages paid?
Term
congress
Definition
who sets the minimum wage amount?
Term
a salary
Definition
what is a fixed amount of money that a person makes no matter how many hours they work?
Term
the national and Louisiana unemployment
Definition
what increased from 2000-2003 and dropped in 2004?
Term
allocation
Definition
making sure enough resources are available for the demand
Term
efficiency
Definition
performing with the least waste of time and effort
Term
bartering
Definition
what involves the trading of goods and services
Term
gold nad silver
Definition
people value ______ b/c they are beautiful and scarce
Term
line of credit
Definition
similar to a credit card
Term
credit card
Definition
the amount of credit a company is willing to offer based on a person's credit history
Term
interest
Definition
the money a consumer earns on deposited money
Term
interest
Definition
the money a consumer must pay to a company on money borrowed
Term
compound interest
Definition
when a balance is not paid in full, interest is charged monthly to the overall amount. what is this?
Term
checks and debit cards
Definition
two ways customers can buy goods & services w/out paying cash
Term
CPI
Definition
shows changes in the price of certain goods
Term
proprietorship
Definition
when a business is owned by ONE person
Term
partnership
Definition
when a business is owned by TWO OR MORE people
Term
corporation
Definition
businesses owned by MANY people who have bought Part of the business
Term
global market
Definition
all of the businesses and trade happening between the world's nations
Term
tariff
Definition
a tax on imported goods
Term
NAFTA
Definition
NORTH AMERICAN FREE TRADE AGREEMENT- between the u.s., canada, and mexico. Designed to remove tariffs
Term
gross domestic product
Definition
shows how well the economy is doing
Term
natural resources & minerals
Definition
what does this state have a wealth of?
Term
salt, oil, natural gas, sulfur, gypsum, & clay
Definition
what are some natural resources and minerals in Louisiana
Term
cotton, sugarcane, tobacco
Definition
products louisiana produces
Term
largest capacity
Definition
Exxon has the ______ of any refinery in the U.S.
Term
fishing
Definition
our state's second most important industry
Term
historic preservation
Definition
Louisiana spends more time and money on this than any other state
Term
-new orleans
-baton rouge
-plaquemines
-lake charles
Definition
5 of the nations best seaports are here
Term
income tax
Definition
assembled by both state & gov. & based on how much money a person earns
Term
property tax
Definition
assembled by the parish & based on property value
Term
user fees
Definition
admission fees to state parks/museums/toll bridges/etc.
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