Industries
What is Washington's top manufacturing industry?
Aircraft
The development of a global economy connected by free trade and fueled by access to capital and to foreign labor is known as.....
globalization
Fill in the blank...
When demand goes up, _______ goes ______.
Supply goes down
What is the FDIC
Federal Deposit Insurance Corporation: it insures people didn't lose their money if a bank failed.
What does economics mean?
The study of how individuals, businesses, government, and society make choices about how best to use limited, or scarce resources.
Boeing relocated its headquarters to what city in 2001?
Chicago
What is NAFTA?
a trade agreement between the US, Canada, and Mexico.
What is the federal minimum wage?
7.25 per hour
What is financial literacy?
The ability to understand how money works and how to use it.
What measures the value of all the goods and services produced by a country in a year?
Gross Domestic Product
This entrepreneur who founded Microsoft, started programming computers when he was 13 years old.
Bill Gates
What are tariffs?
Taxes on imported goods.
How does Washington's minimum wage compare to the rest of the country?
It is much higher.
Where does a bank get the money to loan other people?
From money customers deposit into their accounts.
Name the four types of resources economists look at?
Land, labor, capital, management skill.
Agribusiness
trade between countries that is free of tariffs and strict regulations is called....
free trade
What happens when their is a product shortage?
Demand is not met and prices increase
According to the US Department of Labor Statistics, what is one reason people make less money?
They don't finish high school.
What is a free market system?
Also called capitalism, is a system where people, not the government own most of the companies.
What is aquaculture?
Fish farming
How does NAFTA hurt the environment?
Companies move their operations to other countries like Mexico where strict environmental rules don't have to be followed.
Why would a business lower their prices?
Demand is low
What two factors typically influence a person's salary?
Education level and skill level.
What three questions do economic systems answer?
What goods should be produced/services provided?
How will goods be produced/services provided?
Who will buy the goods and services?