Chapter 3 Louisiana’s Economy To play the game, go to the next slide and click on a point value to...
66
Chapter 3 Louisiana’s Economy To play the game, go to the next slide and click on a point value to go to a question. To go to final Wrap-Up click on Final Wrap-Up at the bottom of the main screen.
-
Upload
anna-green -
Category
Documents
-
view
221 -
download
0
Transcript of Chapter 3 Louisiana’s Economy To play the game, go to the next slide and click on a point value to...
Chapter 3Louisiana’s Economy
To play the game, go to the next slide and click on a point value to go to a question.
To go to final Wrap-Up click on Final Wrap-Up at the bottom of the main screen.
EconomicConcepts
Louisiana’sEconomicHistory
Louisiana’sModern
Economy
Louisianain the
World Economy
EconomicVocabulary
100
200
300
400
500
100 100 100 100 100
200 200 200 200 200
300
400
500
300 300 300 300
400 400 400 400
500 500 500 500
Resourcesof
Louisiana
Team 1 Team 2 Team 3 Team 4 Team 5
Wager Wager Wager Wager Wager
board
0 0 0500 00
0 0 0 0 0
What basic economic concept requires consumers and
producers to make choices with their limited
resources?
scarcity
scoreboar
d
What are the two consequences each
time individuals, families, businesses, or governments make an
economic choice?
Opportunity cost and opportunity
benefit
score
board
What are three things that impact consumer demand?
A consumer must:
1. Want something
2. Have the ability to pay for it
3. Be willing to pay for it
score
board
Why has the price of flat screen TVs
decreased over the last 10 years?
The supply has increased
score
board
How is a rise in the Consumer Price Index
(CPI) related to consumer buying
power?
A rise in the CPI decreases consumer
buying power
score
board
When the first Europeans arrived in Louisiana they helped the Natives move
from a traditional economy to one based
on ________.
commerce
score
board
Why did mercantilism fail in colonial
Louisiana?
Neither France nor Spain could provide
enough trade goods to meet the needs of the
colonistsscor
e
board
Why did Louisiana change to a market economy in the
early 1800s?
Louisiana began exporting large
quantities of cotton and sugar
scoreboar
d
How did the Mississippi River contribute to the development of
Louisiana’s market economy in the 1800s?
Producers and consumers from
other states used the river to reach the port at New
Orleans score
board
How is this diagram
connected to Louisiana’s
manufacturing history?
The military success of Higgins’ boat design led to the development of
sevenfactories and 20,000 jobs
score
board
What is the main difference between
using pine as sawtimber and oak as
sawtimber?
Pine trees are mostly turned into pulpwood
and oak is mostly used in furniture, flooring, and kitchen cabinets
score
board
What wildlife species brings more than $40 million into Louisiana?
alligators
score
board
Timber, alligators, fish, shrimp, crabs, and
oysters are all examples of what type of
resource?
Biological/Renewable Resources
score
board
Despite having a great deal of risk, Louisiana’s
economy is largely dependent on what two
nonrenewable resources?
oil and gas
score
board
What two resources are needed to
transform a resource into a good or
service?
Capital resources and human resources
score
board
How is agribusiness different from
farming in the past?
Fewer people are farming but
production remains high
score
board
What service industry brings the most money into
Louisiana?
tourism
score
board
What explains why Louisiana is working
to diversify its economy today?
The price of oil can rise and fall dramatically
making profits unpredictable
score
board
What was a direct result of the 2002 tax
incentives for film production?
The film industry in Louisiana grew
rapidly
score
board
Which explains one of the costs of passing the right-to-work law
in 1976?
Having fewer union members reduces the
bargaining power of the group
score
board
How do tariffs protect producers in the
United States?
They make imported goods more expensive
for consumers
score
board
How did The North American Free Trade Agreement’s (NAFTA)
decision to remove trade restrictions with Mexico
affect Louisiana?
Because labor is cheaper in Mexico,
several textile factories left Louisiana
score
board
How do New Orleans and Baton Rouge help Louisiana in a global
economy?
These two cities have 2 of the nation’s top
5 deep water ports
score
board
What is unusual about the super port off the
coast of Lafourche Parish?
It is dedicated to transporting oil and gas from ships too large for
other ports
score
board
Why would rice and sugar farms support
tariffs?
These farmers depend on tariffs to compete with
other countries that can grow these items more
cheaply
score
board
What are capital resources?
tools used to produce
commodities
score
board
What are the characteristics of a command economy?
government directed decisions about
resources
score
board
How does a market economy differ from a command economy?
Producers and consumers are free to answer the four basic economic questions
without government involvement
score
board
Give an example of an economic institution.
banks, corporations, savings and loans,
small businesses
score
board
What is one of the most important economic
indicators that measures the value of goods and services produced in the
USA?
Gross Domestic Product (GDP)
score
board
Make your wager on the scoreboard
score
Final Question
What would make a worker’s spending
power decrease even if he/she still made the
same wages?
inflation
score
board
