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Chapter 3Louisiana’s Economy
To play the game, go to the next slide and click on a point value to go to a question.
To go to final Wrap-Up click on Final Wrap-Up at the bottom of the main screen.
EconomicConcepts
Louisiana’sEconomicHistory
Louisiana’sModern
Economy
Louisianain the
World Economy
EconomicVocabulary
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Resourcesof
Louisiana
Team 1 Team 2 Team 3 Team 4 Team 5
Wager Wager Wager Wager Wager
board
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What basic economic concept requires consumers and
producers to make choices with their limited
resources?
scarcity
scoreboar
d
What are the two consequences each
time individuals, families, businesses, or governments make an
economic choice?
Opportunity cost and opportunity
benefit
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board
What are three things that impact consumer demand?
A consumer must:
1. Want something
2. Have the ability to pay for it
3. Be willing to pay for it
score
board
Why has the price of flat screen TVs
decreased over the last 10 years?
The supply has increased
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board
How is a rise in the Consumer Price Index
(CPI) related to consumer buying
power?
A rise in the CPI decreases consumer
buying power
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When the first Europeans arrived in Louisiana they helped the Natives move
from a traditional economy to one based
on ________.
commerce
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Why did mercantilism fail in colonial
Louisiana?
Neither France nor Spain could provide
enough trade goods to meet the needs of the
colonistsscor
e
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Why did Louisiana change to a market economy in the
early 1800s?
Louisiana began exporting large
quantities of cotton and sugar
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d
How did the Mississippi River contribute to the development of
Louisiana’s market economy in the 1800s?
Producers and consumers from
other states used the river to reach the port at New
Orleans score
board
How is this diagram
connected to Louisiana’s
manufacturing history?
The military success of Higgins’ boat design led to the development of
sevenfactories and 20,000 jobs
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What is the main difference between
using pine as sawtimber and oak as
sawtimber?
Pine trees are mostly turned into pulpwood
and oak is mostly used in furniture, flooring, and kitchen cabinets
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board
What wildlife species brings more than $40 million into Louisiana?
alligators
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Timber, alligators, fish, shrimp, crabs, and
oysters are all examples of what type of
resource?
Biological/Renewable Resources
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Despite having a great deal of risk, Louisiana’s
economy is largely dependent on what two
nonrenewable resources?
oil and gas
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What two resources are needed to
transform a resource into a good or
service?
Capital resources and human resources
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How is agribusiness different from
farming in the past?
Fewer people are farming but
production remains high
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What service industry brings the most money into
Louisiana?
tourism
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What explains why Louisiana is working
to diversify its economy today?
The price of oil can rise and fall dramatically
making profits unpredictable
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What was a direct result of the 2002 tax
incentives for film production?
The film industry in Louisiana grew
rapidly
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Which explains one of the costs of passing the right-to-work law
in 1976?
Having fewer union members reduces the
bargaining power of the group
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How do tariffs protect producers in the
United States?
They make imported goods more expensive
for consumers
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How did The North American Free Trade Agreement’s (NAFTA)
decision to remove trade restrictions with Mexico
affect Louisiana?
Because labor is cheaper in Mexico,
several textile factories left Louisiana
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board
How do New Orleans and Baton Rouge help Louisiana in a global
economy?
These two cities have 2 of the nation’s top
5 deep water ports
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What is unusual about the super port off the
coast of Lafourche Parish?
It is dedicated to transporting oil and gas from ships too large for
other ports
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Why would rice and sugar farms support
tariffs?
These farmers depend on tariffs to compete with
other countries that can grow these items more
cheaply
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What are capital resources?
tools used to produce
commodities
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What are the characteristics of a command economy?
government directed decisions about
resources
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How does a market economy differ from a command economy?
Producers and consumers are free to answer the four basic economic questions
without government involvement
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Give an example of an economic institution.
banks, corporations, savings and loans,
small businesses
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What is one of the most important economic
indicators that measures the value of goods and services produced in the
USA?
Gross Domestic Product (GDP)
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board
Make your wager on the scoreboard
score
Final Question
What would make a worker’s spending
power decrease even if he/she still made the
same wages?
inflation
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