We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you!
Presentation is loading. Please wait.
Published byAlison Capps
Modified about 1 year ago
Chapter 3 Review The Economy of West Virginia
the study of the consumption, production, distribution, and exchange of goods and services economics
basic needs food, clothing, and shelter
activities people do for a fee. Services
A person who purchases a product or service consumer.
three types of resources natural, human, and capital
the money or property used to produce goods and services. capital resources
when you give up one thing in order to achieve a more desirable outcome trade-off
the quantity of a good or service offered for sale Supply
the quantity of a good or service consumers are willing and able to buy. demand
the amount left after costs are subtracted from the price profit
The four basic economic questions 1)what; to produce, 2) how to produce; 3) how much to produce, 4) for whom to produce.
three basic kinds of economies traditional, command, and market
customs, habits, and beliefs traditional economy
the government controls the economy command economy
based on supply and demand. market economy
they cannot be replaced by nature once they are used nonrenewable
Region that supports a large _agricultural, poultry, and livestock economy. Potomac Section
region that is the location of major wood-related industries Allegheny Highlands
region contains coal, oil, and natural gas. Allegheny Plateau
percent of the total coal produced nationally 15 percent
two types of salt deposits rock salt and brine
leading producer of natural gas east of the Mississippi River West Virginia
accounted for nearly 50 percent of the value of West Virginia’s total nonfuel mineral production in Crushed stone
plants and animals, also called flora and fauna. Biological resources
West Virginia hardwoods are in great demand by furniture manufacturers
Largest animals black bear and the white-tailed deer
the manufacture, production, and sale of goods Industry
first pioneer industries cottage industries
first major industry Salt
first major iron furnace in present- day West Virginia was built around the year 1742 on land owned by Lord Fairfax
Wheeling was nicknamed “Nail City.”
the state’s iron industry converted to the production of steel
major steel-producing cities Weirton and Wheeling
the largest steel company in the world Arcelor-Mittal
Early use of timber crossties, boards for houses and flatboats, lumber for furniture, and material for barrels. Bark was used to tan hides.
the careful management of a natural resource to prevent its destruction conservation.
they raised only enough crops to feed their families. subsistence
The first cash crops tobacco, corn, and fruit
Coal mined in West Virginia bituminous (soft) coal
mentioned coal in his report in the 1742 exploration John Peter Salling
struck oil while they were drilling salt wells in the area around Burning Springs William P. and John Rathbone
Glassmaking in West Virginia has taken two directions hand-blown glass automated factories
The chemical industry began in West Virginia during World War I.
first West Virginia plant at Alloy Union Carbide
One of the newest industries in West Virginia electricity-producing
father sold his land in Virginia and moved the family to the Kanawha Valley in David Ruffner’s
located at Point Park in Parkersburg Oil and Gas Museum
is the oldest, although not continuously producing, well in the United States Rathbone well
In this chapter, you will learn how societies have different economic systems – traditional, free enterprise, socialist, or communist. Each of these systems.
ECONOMIC REGIONS IN NORTH AMERICA. INTRODUCTION What is a region? A region is an area in which certain features are similar. Regions are defined by either.
Today we will review the Economic concepts we have learned thus far READY????? HERE WE GO……
Middle East Unit Three Government & Economics. A nation’s type of government refers to how that state’s executive, legislative, and judicial organs.
ECONOMICS IN SOUTHERN AND EASTERN ASIA STANDARD: SS7E8 The student will analyze different economic systems. a. Compare how traditional, command, market.
Industrial Revolution Test World Civilization 2014.
Chapter 2 Economic Resources and Systems. 2.1 Economic Resources Societies have to deal with shortages of resources just as individuals do. Lack of resources.
Determining the types of Ag. Business AG.BUS, UNIT 1, LESSON 2-2.
© 2011 South-Western | Cengage Learning Our Global Economy Economics and Decision Making Basics of Economics Economic Systems 2-4.
The Midwest: Leaving the Farm. Lands of vast prairies and fertile farmland Present-day harvesting machines work the land much faster than horse- driven.
The Four Regions of West Virginia. Human and Environmental Interaction HEI – The way we use, affect, and are affected by our environment. HEI – The way.
Economics in Africa and Asia. All Economic Systems seek to answer the three basic economic questions 1) What to produce? 2) How to produce? 3) For whom.
Middle East Economics Study Guide 1. Copy homework in agenda: Review Study Guide nightly 2. Get out 2 sheets of notebook paper and label the first:
Economics CRCT Review ECONOMICS the study of how people or countries manage (choose to use) their limited resources by producing, exchanging, and using.
Chapter 1 A Look at WANTS and NEEDS. Wants and Needs Drive the Economy Everyday you make decisions about how to spend money. Suppose you have $10. You.
WHAT IS AN ECONOMY?. Economy or Economic System The way a nation makes choices. These choices involve how the nation will use its resources to produce.
4 Economic Systems of Gov’t: Market Economy Command Economy Mixed Economy Traditional Economy.
Unit 4 Geography and Economics of Europe, Latin America, Canada, and Australia Layered Curriculum You are now in charge!
Economics Chapter 1 Section 1. The Fundamental Economic Problem Most people seem to want more stuff Most people seem to want more stuff Scarcity - the.
2012. Push/Pull Factors Push Factors Pull Factors Factors causing people to leave a location. War Poverty Unemployment Human Rights Abuse Overcrowding.
Chapter 5 Section 3- An Age of Business. New technology and abundant natural resources led to economic growth.
Copyright © by Holt, Rinehart and Winston. All rights reserved. ResourcesChapter menu What Is Environmental Science? Environmental Science is the study.
© 2009 Delmar, Cengage Learning Chapter 2 Agricultural Economics and the American Economy.
Modules 7 – 8 Adam Smith and Economics. Economics Definition & History Economics is the social science that studies the a) production, b) distribution,
Economics in Asia. All Economic Systems seek to answer the three basic economic questions 1) What to produce? 2)How to produce? 3) For whom to produce?
Environmental Issues Facing the Middle East Water Pollution Water Rights Oil Pollution.
Click here to begin! Click here to begin!. Definition: things in nature that people find useful economics Natural resources economy Click here to go to.
Unit 4 4 th Grade Social Studies Vocabulary Click here to go to begin Click here to go to begin.
Resources and Land Use World Economic Activity Section Two.
DEMAND AND SUPPLY IN FACTOR MARKETS 17 CHAPTER. Objectives After studying this chapter, you will able to Explain how firms choose the quantities of labor,
© 2016 SlidePlayer.com Inc. All rights reserved.