Resources

____ refers to how people manage material resources in a community or another organized body

• deferment

• economy

• income

• GDP

_____ is a majority industry in Louisiana mainly because of the French Quarter, Cajun Country, and antebellum plantation homes

• tourism

• recreational fishing

• shipping and manufacturing

• film industry

What is a tangible item like food, clothes, cars, and houses?

• service

• good

• human resource

• do not waste your time with this one

Something necessary to stay alive

• want

• need

• good

• service

Which type of economic system is based on the government making decisions about money?

• Mercantilism

• Market System

• Command System

• Traditional System

Which type of economic system is based on individuals making their own decisions about money?

• Mercantilism

• Market System

• Command System

• Traditional System

The system of producing, distribution, and consumption of goods and services

• Marketing

• Economics

• Command

• Producer

Identify the (2) TRUE statements about competition.

• Price will DECREASE

• Companies will tend to continually make better products

• Price will INCREASE

• Companies will be rewarded for producing less

When you pay somebody to do something for you like a mechanic, babysitter, or barber

• Opportunity Cost

• Service

• Demand

• Good

What occurs If SUPPLY is higher than demand?

• Surplus

• Competition

• Opportunity Cost

• Scarcity