chapter 3 review
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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. - PowerPoint PPT PresentationTRANSCRIPT
Chapter 3 Review The Economy of West Virginia
the study of the consumption, production, distribution, and exchange of goods and services
economics
basic needsfood, 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 outcometrade-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 questions1) what; to produce,2) how to produce; 3) how much to produce, 4) for whom to produce.
three basic kinds of economiestraditional, command, and market
customs, habits, and beliefstraditional economy
the government controls the economy
command economy
based on supply and demand.
market economy
they cannot be replaced by nature once they are usednonrenewable
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 depositsrock 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 2005.
Crushed stone
plants and animals, also called flora and fauna.Biological resources
West Virginia hardwoods are in great demand byfurniture manufacturers
Largest animals black bear and the white-tailed deer
the manufacture, production, and sale of goods
Industry
first pioneer industriescottage 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 citiesWeirton and Wheeling
the largest steel company in the worldArcelor-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 explorationJohn Peter Salling
struck oil while they were drilling salt wells in the area around Burning SpringsWilliam P. and John Rathbone
Glassmaking in West Virginia has taken two directions hand-blown glassautomated factories
The chemical industry began in West Virginia during
World War I.
first West Virginia plant at AlloyUnion Carbide
One of the newest industries in West Virginiaelectricity-producing
father sold his land in Virginia and moved the family to the Kanawha Valley in 1796.
David Ruffner’s
located at Point Park in ParkersburgOil and Gas Museum
is the oldest, although not continuously producing, well in the United States
Rathbone well