chapter 3 review the economy of west virginia. the study of the consumption, production,...
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Chapter 3 Review The Economy of West Virginia
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the study of the consumption, production, distribution, and exchange of goods and services
economics
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basic needs
food, clothing, and shelter
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activities people do for a fee.
Services
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A person who purchases a product or service
consumer.
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three types of resources
natural, human, and capital
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the money or property used to produce goods and services.
capital resources
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when you give up one thing in order to achieve a more desirable outcome
trade-off
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the quantity of a good or service offered for sale
Supply
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the quantity of a good or service consumers are willing and able to buy.
demand
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the amount left after costs are subtracted from the price
profit
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The four basic economic questions
1) what; to produce,
2) how to produce;
3) how much to produce,
4) for whom to produce.
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three basic kinds of economiestraditional, command, and market
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customs, habits, and beliefs
traditional economy
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the government controls the economy
command economy
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based on supply and demand.
market economy
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they cannot be replaced by nature once they are used
nonrenewable
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Region that supports a large _agricultural, poultry, and livestock economy.
Potomac Section
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region that is the location of major wood-related industries
Allegheny Highlands
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region contains coal, oil, and natural gas.
Allegheny Plateau
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percent of the total coal produced nationally
15 percent
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two types of salt deposits
rock salt and
brine
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leading producer of natural gas east of the Mississippi River
West Virginia
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accounted for nearly 50 percent of the value of West Virginia’s total nonfuel mineral production in 2005.
Crushed stone
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plants and animals, also called flora and fauna.
Biological resources
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West Virginia hardwoods are in great demand by
furniture manufacturers
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Largest animals black bear and the white-tailed deer
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the manufacture, production, and sale of goods
Industry
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first pioneer industries
cottage industries
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first major industry
Salt
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first major iron furnace in present-day West Virginia was built around the year 1742 on land owned by
Lord Fairfax
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Wheeling was nicknamed
“Nail City.”
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the state’s iron industry converted to the production of
steel
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major steel-producing cities
Weirton and Wheeling
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the largest steel company in the world
Arcelor-Mittal
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Early use of timber
crossties, boards for houses and flatboats, lumber for furniture, and material for barrels. Bark was used to tan hides.
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the careful management of a natural resource to prevent its destruction
conservation.
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they raised only enough crops to feed their families.
subsistence
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The first cash crops
tobacco, corn, and fruit
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Coal mined in West Virginia
bituminous (soft) coal
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mentioned coal in his report in the 1742 exploration
John Peter Salling
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struck oil while they were drilling salt wells in the area around Burning SpringsWilliam P. and John Rathbone
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Glassmaking in West Virginia has taken two directions hand-blown glass
automated factories
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The chemical industry began in West Virginia during
World War I.
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first West Virginia plant at Alloy
Union Carbide
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One of the newest industries in West Virginia
electricity-producing
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father sold his land in Virginia and moved the family to the Kanawha Valley in 1796.
David Ruffner’s
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located at Point Park in Parkersburg
Oil and Gas Museum
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is the oldest, although not continuously producing, well in the United States
Rathbone well