Study Guide Chapter
3 The Economy of WV Date:
Resources:
1.
Difference between renewable and nonrenewable
resources ( examples- )
2.
_____________ landowners were not concerned with the future of natural resources
in WV.
3.
WV is the largest natural gas producer east of
the _____________________.
4.
3 non-fuel resources of WV – name them.
5.
Biomass can be used for...
6.
WV – most important mineral-
7.
The largest consumer of WV natural gas is …
Basic economic questions
8.
First – What to produce Second- how to produce Third-
how much to produce
Forth- for whom to
produce.
Economic systems
9.
Difference between traditional – command- and
market economic systems.
10.
What system does the us use?
11.
In the traditional system decisions are based on
…
Industries of WV
12.
Iron- 1st
iron furnace in western VA – located at ______________
13.
Steel industry decline in the 1970's and 80's
due to _________________.
14.
Economies use 3 types of resource, they are...
15.
The group that profited the most from WV coal
were those who owned _____________
16.
“Nail City”-
was____________________
17.
Railroads contributed to the decline of the WV
salt industry because salt could now easily be shipped from the
________________.
18.
WV- first oil producers were William and
John________________.
19.
The first major industry of western VA was the
___________________.
20.
The salt industry was aided by the
_________________ which cut off the foreign supply of salt to the US.
Economic Concepts
21.
goods demand profit wants needs supply scarcity services producer trade-off consumer) Difference between providers of services
and producers of goods.
Essay: Answer in a paragraph using a topic sentence
re-stating the question, then support your topic sentence with detail to answer
in a paragraph with complete sentences.
Explain how the law of supply and demand works.
Mr. Colegrove,
ReplyDeleteWhere do I find these answers to help McKenzie with the questions? Thank you for your help.
Tedda Chapman