Global Economy
Who was the president of the United States when NAFTA was signed into law?
Bill Clinton
Why is creating a budget impoprtant?
help you save and keep track of your money
What natural resource is expected to see strong job growth through 2022?
natural gas
money earned from work, providing services, selling goods, or making investments
income
tax on goods imported into a country
tariff
One of the earliest global trade routes followed which road?
Silk Road
What type of bank account is the most common
checking
demographics can include (3)
age, education, gender
a flow through account where money is held until it is needed on demand to pay bills
checking account
a holding place for money for the future
What product did the American colonies receive in the Triangular Trade?
slaves
What is a negative effect of buying on credit?
You pay more for the item
What percentage of West Virginia's exports are sent to free trade partners?
33%
voluntary exchange of goods and services
trade
money spent on needs and wants
expense
Which event affected global trade in the 19th century?
the use of steam power
How do banks reward their depositors for allowing them to use their money?
How many foreign owned companies are located in WV?
140
money paid to use money
interest
the ability to buy now and pay over time
credit
What industry in WV declined in the early 21st century because President George W.H. Bush removed tariffs on foreign competitive products in order to avoid a trade war?
steel
How is buying a house an investment?
money may increase in the future/you get that money back
Which group of workers are more likely to lose their jobs during bad economic times?
trade
an investment that draws interest and is written for a specific period of time
certificate of deposit
an account whose interest fluctuates with the national interest rate
money market account
What was the primary reason for exploration during the Age of Exploration?
to find shorter trade routes
What is the difference between fixed and variable costs?
fixed costs remain the same
variable costs change
What does WV's top 10 employers show about our economy?
Jobs are primarily in services
The buying and selling of goods
commerce
exchange of goods and services without money
barter