Unit 1
Writer of the Communist Manifesto.
Who is Karl Marx?
The phenomenon of price increase overtime.
What is inflation?
What is deficit?
Taxes imposed on trade imports
What are tariffs?
An economic/political system that is characterized by private owners. Adam Smith is considered the father of it
What is capitalism?
A commodity or Service provided without profit to all members of society, typically by government.
What are public goods?
Difference between imports and exports.
What is trade balance?
Scarcity
What is wants for goods, services, & resources exceed availability?
They determine monetary policy.
Who is the Federal Reserve?
A type of tax levied against cars, jewelry, tobacco, and alcohol.
What is excise tax?
When a country can reduce goods at lower opportunity cost
What is comparative advantage?
Satisfaction/benefit from a good or service
Simultaneous purchase & sale of funds in order to profit from different interest rates.
What is Arbitrage?
Private, state, common, and open access.
What are types of property?
The big 5 NC Industries.
What are technology, pharmaceuticals, banking, food processing, and vehicle parts?
The 4 factors of production.
What is land, labor, capital, and entrepreneurs?
The lowest rate of return a bank is willing to accept.
What is reservation rate?
Deducts money from each paycheck in order to pay for Social Security and Medicare.
What is FICA
The trade agreement that replaced NAFTA
What is USMCA?