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The Economy of West Virginia

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Presentation on theme: "The Economy of West Virginia"— Presentation transcript:

1 The Economy of West Virginia
Chapter 3 Review The Economy of West Virginia

2 the study of the consumption, production, distribution, and exchange of goods and services

3 food, clothing, and shelter
basic needs food, clothing, and shelter

4 activities people do for a fee.

5 A person who purchases a product or service

6 three types of resources
natural, human, and capital

7 the money or property used to produce goods and services.
capital resources

8 when you give up one thing in order to achieve a more desirable outcome

9 the quantity of a good or service offered for sale

10 the quantity of a good or service consumers are willing and able to buy.

11 the amount left after costs are subtracted from the price

12 The four basic economic questions
what; to produce, how to produce; how much to produce, for whom to produce.

13 three basic kinds of economies
traditional, command, and market

14 customs, habits, and beliefs
traditional economy

15 the government controls the economy
command economy

16 based on supply and demand.
market economy

17 they cannot be replaced by nature once they are used

18 Region that supports a large _agricultural, poultry, and livestock economy.
Potomac Section

19 region that is the location of major wood-related industries
Allegheny Highlands

20 region contains coal, oil, and natural gas.
Allegheny Plateau

21 percent of the total coal produced nationally

22 two types of salt deposits
rock salt and brine

23 leading producer of natural gas east of the Mississippi River
West Virginia

24 accounted for nearly 50 percent of the value of West Virginia’s total nonfuel mineral production in 2005. Crushed stone

25 plants and animals, also called flora and fauna.
Biological resources

26 West Virginia hardwoods are in great demand by
furniture manufacturers

27 black bear and the white-tailed deer
Largest animals black bear and the white-tailed deer

28 the manufacture, production, and sale of goods

29 first pioneer industries
cottage industries

30 first major industry Salt

31 first major iron furnace in present-day West Virginia was built around the year 1742 on land owned by Lord Fairfax

32 Wheeling was nicknamed
“Nail City.”

33 the state’s iron industry converted to the production of

34 major steel-producing cities
Weirton and Wheeling

35 the largest steel company in the world

36 Early use of timber crossties, boards for houses and flatboats, lumber for furniture, and material for barrels. Bark was used to tan hides.

37 the careful management of a natural resource to prevent its destruction

38 they raised only enough crops to feed their families.

39 The first cash crops tobacco, corn, and fruit

40 Coal mined in West Virginia
bituminous (soft) coal

41 mentioned coal in his report in the 1742 exploration
John Peter Salling

42 William P. and John Rathbone
struck oil while they were drilling salt wells in the area around Burning Springs William P. and John Rathbone

43 Glassmaking in West Virginia has taken two directions
hand-blown glass automated factories

44 The chemical industry began in West Virginia during
World War I.

45 first West Virginia plant at Alloy
Union Carbide

46 One of the newest industries in West Virginia

47 father sold his land in Virginia and moved the family to the Kanawha Valley in 1796.
David Ruffner’s

48 located at Point Park in Parkersburg
Oil and Gas Museum

49 is the oldest, although not continuously producing, well in the United States
Rathbone well

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