Microeconomics
The idea that all resources are limited
What is scarcity?
Consists of all the ups & downs that occur in an economy
What is the Business Cycle?
Trend toward a world that is more interconnected by technology, trade, and travel.
What is globalization?
A term that covers managing your money as well as saving & investing
What is personal finance?
Usually levied on real estate, usually paid locally but can be state/federal
What is property tax?
A combination of command and pure market economies.
What is a mixed market economy?
Results from a spark in the economy
What is an expansion?
NC is the _________largest hog-farming state in the country.
What is 3rd?
The most advanced degree you can earn, symbolizing that you have mastered a specific area of study, or field of profession.
What is a doctoral degree?
Generally, cost the same amount each month
What are fixed expenses?
The benefits that could have been gained by taking a different decision
What is opportunity cost?
A measure of the total value of goods & services produced in a country (regardless of who produces them)
What is GDP?
A country or region producing things they do the best & they will trade those items with other countries who specialize in another product
What is specialization?
What employees earn before taxes, benefits and other payroll deductions are withheld from their wages
What is gross pay?
A three-digit number based on the information in your credit reports
What is a FICO score?
Exists when there are a few producers that dominate a marketplace.
What is an oligopoly?
Measures monthly charges in the costs of goods and services
What is Consumer Price Index?
Claim tariffs and quotas are bad
Who are free traders?
IRS document that you complete for your employer to determine how much should be withheld from your paycheck for federal income taxes
What is a W-4?
The amount that you pay before your insurance plan begins to pay
What is a deductible?
The amount produced changes greatly when the price changes
What is elastic supply?
Occurs when prices rise extremely quickly
What is hyperinflation?
The business practice of hiring workers in another country
What is outsourcing?
A tax where the tax burden disproportionately impacts lower-income individuals, meaning they pay a larger percentage of their income in taxes compared to higher-income individuals
What is a regressive tax?
Set rate you pay for prescriptions, doctor visits, and other types of care
What is a copay?