Markey-Mark
If something is rare and hard to find, it is this.
What is scarce/scarcity?
Economic system where the government owns the means of production.
What is a command system?
These are two terrible companies you should absolutely stop buying from.
What are shein and temu?
Items that are brought into a nation.
What are imports?
This is set at 7.25 per hour.
What is the federal minimum wage?
When consumers have alot of choice in the market system.
What is Economic Freedom?
This is one of the most strong command systems in the world.
What is North Korea?
A budget shortfall.
What is a deficit?
A short fall of trade amounts between nations.
What is a trade deficit?
The entity in our nation that regulates the banking system and inflation.
What is the federal reserve?
Ultimately the core of mixed market economies: the greater the ______ the higher the price.
What is supply and demand?
Command systems aren't all negative. They do tend to offer a greater amount of this; safety net programs.
What is economic security?
Currently sitting at 37 trillion dollars.
What is the national debt?
A tax on imported goods, often passed down to consumers.
During times of economic downturn, the government may do this action, sent to individuals and families in order to help them spend in the economy. Lots were sent in covid times.
What are stimulus checks?
Mixed Market systems often have a great this--means the overall wealth of the society.
What is a gdp/growth rate/ per capita?
Command systems usually have a low this as most people are working, weather or not the wages are fair.
What is an unemployment rate?
What is progressive taxation?
This is currently the average living wage needed to live in Cumberland County, Maine. *within 2 dollars gets the point.
What is $24.00 per hour?
The price businesses and consumers can agree on.
What is equilibrium?
Command systems usually operate in countries who have this sort of government system.
What is communism/authoritarianism?
Often taxes like sales, various sin taxes, and excise taxes are lumped into this type of taxation approach.
What is regressive taxation?
Countries should aim to get these two things in-order to be more competitive in the globalized world.
What are the comparative and absolute advantage?
The government generates revenue ($) for the nation from these 3 areas. List at least 2.
What are taxes, gdp exports and borrowing.