Louisianas Economy Resources and Rewards

Providing Louisianas Goods and Services Section 4 - Vocabulary

Define private goods and services Private goods and services have clear owners and are not available to everyone. Define public goods and services Public goods and services meet the needs of society instead of individuals.

Determine whether the items below are public goods and services or private goods and services.

Define interdependent Interdependent is an economic systems where consumers and producers rely on each other and on other economies to succeed. Define Superport The Superport is the only offshore port/facility in the United States capable of handling extremely deep ships. This offshore port is located in Louisiana.

Define tariffs A tariff is the taxes placed on imported items. Define economic indicator An economic indicator economic information used to measure the economy

List and describe economic indicators GDP – Gross Domestic Product – this is the total market value of all goods and services produced in the United States in a certain period of time. CPI – Consumer Price Index – A monthly price survey for a list of goods and services checks for increase and decrease Inflation – When the CPI shows a steady increase Unemployment Rate – Reports the people who are out of a job or looking for a job.