Louisiana Economics

Commerce is...

• the buying and selling of goods

• the idea that colonies existed to contribute to the wealth and power of the mother nations

• illegally buying and selling goods

• an economic system

Mercantilism is...

• buying and selling goods

• the idea that colonies existed to contribute to the wealth and power of the mother nation

• illegally buying goods

• not this one

Why did mercantilism fail for colonists?

• Mother colonies could not provide enough trade goods

• They started smuggling

• They wanted to find gold and silver

Which of these is an example of a human resource ?

• a plastic toy

• a peach tree

• a diamond in the ground

• a factory worker

Which of these is an example of a capital resource?

• oil

• a machine that pumps oil

• a person who sells oil

• an oil business owner .

Which of these is an example of a natural resource ?

• a screwdriver

• gold dug from the ground

• a necklace maker

• the owner of a coffee shop

1. Which of the following IS a major Louisiana good?

• shrimp
• lobster
• coffee beans
• water

When goods are shipped from one country to another, this is an example of what?

• scarcity and abundance
• import and export
• goods and services
• back and forth

You go to Wal-Mart and have to decide between buying a new shirt or a pair of tennis shoes. You choose to buy the tennis shoes. Choosing to buy the tennis shoes is which economic concept?

• abundance
• opportunity cost
• supply
• economic choice

You go to Wal-Mart and have to decide between buying a new shirt or a pair of tennis shoes. You choose to buy the tennis shoes. Which economic concept is not buying the new shirt?

• economic choice
• opportunity cost
• good
• scarcity