Chapter 3 Review

1. Chapter 3 Review The Economy of West Virginia

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

3. basic needs food, clothing, and shelter

4. activities people do for a fee. Services

5. A person who purchases a product or service consumer.

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 trade-off

9. the quantity of a good or service offered for sale Supply

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

11. the amount left after costs are subtracted from the price profit

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 nonrenewable

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 15 percent

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. Largest animals black bear and the white-tailed deer

28. the manufacture, production, and sale of goods Industry

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 steel

34. major steel-producing cities Weirton and Wheeling

35. the largest steel company in the world Arcelor-Mittal

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 conservation.

38. they raised only enough crops to feed their families. subsistence

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. 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 electricity-producing

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