Unit 1
In a Market (or Mixed Market) economy who is in control of the decisions (or most decisions)?
Consumers
The average price of goods and services over time
CPI
Protects the original work of authorship
Copyright
Outsourcing is the practice of
Hiring someone else to do a job that is usually done within the company
Free Market best relates to
Capitalism
Which person was in favor of a federal banking system?
Alexander Hamilton
How does the US pay off their loans?
Net Interest Payments
The ability of a country to produce a good or service at a lower opportunity cost is
Comparative Advantage
Increase in the price of a product will result in a(n) _______________ in the demand of a similar product.
Increase
Gross Domestic Product divided by the nations businesses worth over 10 million
Revenue - Outlays = ?
National Debt
Trade is left to its natural course with no restrictions
Scarcity is described as ______.
Unlimited Wants vs Limited Resources
The idea that we will never have 100% employment.
Natural Employment
What is our current National Debt?
33 Trillion
Which trade agreement replaced NAFTA in 2020?
USMCA
What book did Adam Smith write?
Wealth of Nations
What is the main purpose of the Federal Reserve?
Implement Monetary Policy
The theoretical and legal ownership of resources and how they can be used.
Property Rights
What impact did NAFTA have on manufacturing in the US?
Manufacturing decreased