Lesson 99 - Economics 2-5 Chpt 7

Question 1

economy

Answer 1

a system for making, managing and delivering goods and services

Question 2

goods

Answer 2

things made or grown by people to sell to others (examples - tools, candles, jewelry)

Question 3

services

Answer 3

jobs that one person or group does for another (example - doctors, dentists, teachers)

Question 4

trade

Answer 4

when goods and services are bought or sold

Question 5

import

Answer 5

to bring goods from one country into another country for sale (New Orleans imports – coffee, oil, iron, steel)

Question 6

export

Answer 6

to send goods out from one country into another country for sale (New Orleans exports – cotton, fish, meat, wood)

Question 7

capital resource

Answer 7

a machine, tool or building used to make goods or provide services (example - tractor, hammer, lumber mill)

Question 8

natural resource

Answer 8

a material found in nature that people can use as a good (example - natural gas, oil)

Question 9

human resource

Answer 9

a person who makes goods or provides a service (example - doctor, farmer)

Question 10

interdependence

Answer 10

depending on each other

Question 11

How can goods be transported from one place to another?

Answer 11

Ships, trains, and trucks are used to transport goods

Question 12

How can workers specialize in jobs they do?

Answer 12

Each worker can complete one certain part of a job.

Question 13

How has technology been helpful in our lives?

Answer 13

Technology allows us to do things more easily and faster.

Question 14

What did railroads do for Louisiana’s economy?

Answer 14

Railroads were used to carry goods from Louisiana to other places.

Question 15

Why are some goods shipped by a boat and not by a train?

Answer 15

When a good is being brought to a place across water, it is brought on a boat.