Unit 1
A ____ Works by charging you a monthly fee based on your expenses, plus an interest rate
Credit Card
An economic and political system in which a country's trade and industry are controlled by private owners for profit is known as...
Capitalism
In the terms of economics, what does "CSR" stand for
Corporate Social Responsibility
What is the definition of income?
How much you get paid per year/hour/week
A ____ tells you how much an investment or debt will increase over a period of time
Intrest Rate
Information used to promote or publicize a particular political cause or point of view is called...
Propaganda
in the context of economics, what does LLC stand for?
Limited Liability Corporation
What is the definition of wealth?
Total assets owned minus debt
A _____ is what you give up to gain something else
Opportunity Cost
The self regulating force that balances out supply and demand in a capitalist market is known as...
The invisible hand
What are 3 different things that taxes/tax money is used for
Schools, Roads, Trains, Fireman, Cops, Bridges, Military, Social Security, Medicare, Medicaid
On average, how much do women make for every dollar that men make
70-80 cents
A ____ is defined as a situation where one person’s gain is another person’s loss
Zero Sum Game
What is the difference between individualism and collectivism?
Collectivism: The practice or principle of giving a group priority rather than each individual in it.
Individualism: The habit or principle of being independent and self-reliant
Give an example of a corporation that we have studied that has taken steps to implement CSR and describe the steps they took
Volkswagen: Focused on fuel efficient cars after getting exposed for lying about their vehicle's fuel efficiency
Gap- Ended relationships with factories after getting exposed for using child labor
What is redlining, and how does it work?
Governments draw lines on maps and marginalize certain communities towards these areas. Banks refuse to give loans to residents in these areas, so they must rent instead of own.
Perform a Cost/Benefit analysis of raising the minimum wage with 2 costs and 2 benefits
Costs: Inflation, Lowers corporate profits, rich people who own companies could move their businesses out of the U.S., Prices of everything could increase, potential unemployment increase
Benefits: higher standard of living, Poverty decrease, homelessness decrease, happier employees/more production
What is the difference between socialism and communism?
Socialism: Means of production are communally owned with some elements of private property
Communism: Means of production are communally owned AND society is completely classless with no private property
Do a cost benefit analysis of implementing CSR related policies from the perspective of a corporation
2 benefits, 2 costs
Costs: Money to implement, Time to realign goals and create new practices
Benefits: More satisfied employees, positive impact on the environment
Name 3 ways that the racial wealth gap can be reduced, and explicitly explain how these solutions would reduce the gap
Baby Bonds, Affordable housing, Medicare, Raising the minimum wage, reparations for slavery?