Intro Lesson
Macroeconomics is the study of this.
What are the economies of nations and societies?
An analysis of costs and benefits.
What is a cost/benefit analysis?
A contract between a lender and a borrower in which the lender offers a certain amount of money to the borrower on the condition that they will pay it back with interest.
What is credit?
The organization which draws revenue from taxation.
What is the government?
The process of a group of workers negotiating with their employer in a unified way.
What is collective bargaining?
The finances of companies are studied by this field of economic study.
What is microeconomics?
A type of cost which is optional, and thus can be cut out while budgeting.
What is a variable cost?
What is a credit card?
If you make more money, you enter a higher one of these.
What are tax brackets?
Without organized labor, almost all workers would work under this kind of conditions.
What is terrible?
Liberal economists use this phrase as a metaphor for the regulation of prices by the free market.
What is the invisible hand?
In order to balance a budget, this number must outpace costs.
What is revenue?
A rating invented by banks in the 80s in order to quantify the reliability of potential borrowers.
What is a credit score?
Prices of goods are 8.875% higher than what is listed on the shelf because of this factor.
What is sales tax?
The primary weapon of organized labor, in which workers refuse to work, and often refuse to let replacements in.
What is a strike?
The providers of land, labor, and capital business inputs.
What are households?
This type of cost is the benefit missed by taking a different choice.
What is an opportunity cost?
What is debt?
American workers have their income taxed at this time.
When is every time they get paid?
Being in a union often offers certain perks, but even non-unionized workers benefit from these gains made by organized labor.
What are wages, conditions, and hours?
The first economist.
Who was Adam Smith?
When choosing between rent, electricity, groceries, internet, and video games, this is the option which should be cut.
What are video games?
Doing this typically requires a good credit score, despite the fact that it has nothing to do with credit and debts.
What is renting an apartment?
Certain types of income which are specifically disqualified from taxation.
What are tax exemptions?
The site of the first air strike committed against the US in history, committed by bosses against their own workers.
Where is Blair Mountain?