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25 Cards in this Set

  • Front
  • Back
a community's system of producing, distributing, and consuming goods and services
economy
Physical items such as food, clothing, cars, and homes
goods
the work people do for others for a fee
services
one who buys or uses goods or services
consumer
the person or organization that makes or provides goods or services
producer
a gift of nature, part of the natural enavironment; includes the air, the soil, water, and minerals
natural resources
the people who provide the labor to produce goods and provide serices
human resources
the money and property (factories, tools, bridges, machines and so on) that are used to produce goods and services
capital resources
the concept that there are not enough resources (natural, human,and capital) available to satisfy all needs and wants; as a result, choices must be made
scarcity
the conctept that businesses and industries in an economy rely on each other and on other economies to succeed
interdependence
trading goods and services without money
barter
illegal trade
smuggling
farming on a large-scale business operation
agribusiness
natural resources not replaced by nature once they are taken from the environment
nonrenewable
natural resources not replaced by nature once they are taken from the environment
nonrenewable
technique used to melt underground sulphur and force it to the surface
Frasch process
soft, brownish black coal that burns poorly
lignite
plants and animals
biological resources
biological resources that replenish themselves in time
renewable
smaller, softer trees, mostly pine, that are shredded into pulp to be made into paper
pulpwood
Environmental Protection Agency
Federal government agency
EPA
Department of Environmental Quality
LA government agency that protects the environment
DEQ
gradual wearing away of the land by the action of wind or water
erosion
economic policy in which the government strictly controlls resources and markets to gain wealth that it uses to build its military and become even more powerful
mercantilism
0ffshore port in the Gulf of Mexico that was constructed to handle extremely deep ships
Superport