RANDOM
What are imports?
Goods or materials brought into the country
What are exports?
Goods or materials sent to another country
What does GDP stand for?
Gross Domestic Product
What is the supreme law of the land?
The Constitution
How do we find our net export?
Subtract how much we spent on imports from how much we made on exports
What is a tariff?
A tax on imported goods
What does the GDP number represent?
Our net income as a country
What are the first 10 amendments of the constitution called?
Bill of Rights
What is NAFTA?
North American Free Trade Agreement that says we will place little to no tariffs on trades with Canada and Mexico
What are the 3 basic economic questions?
1. What is the product?
2. How do I make it?
3. Who's my target audience?
What is a quota?
Putting a limit on how much we can import of a certain good
How many amendments are in the constitution?
27
What function of the government is concerned with passing and enforcing laws and establishing courts?
Keep Order
What is the difference between substinence farming and commercial farming?
Substinence is farming only for yourself or family to eat
Commercial is farming only for profit
What is an agglomeration?
A collection of businesses that sell the same product
What is 1 responsibility that is only for US citizens?
1. Serve on a jury
2. Vote in federal election
What function of the government has to do with developing a public policy?
Guide the community
What function of the government is concerned with establishing armed forces to protect citizens?
Provide Security
What function of the government is concerned with protecting public welfare?
Provide Services
When was the constitution written?
1787