Presentations
Define TSA
The Transportation Security Agency is a corporation that checks and runs people through a system to ensure individuals planning to go on planes are not carrying illegal and dangerous items
Define tariff
A tax on imports and exports
What is a traditional economy?
An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next
Define recession
A period of time when there is little money in the economy
What is the equation for profit when given revenue and cost?
Revenue-cost=profit
Define the Federal Reserve and its functions
The central bank of the United States has two main functions that impact the economy: changing interest rates (high or low) and printing money
Define economics
The study of the production and distribution of wealth
What is capitalism?
An economic system in which a country's trade and industry are controlled by private owners for profit rather than by the state
Define bartering
The exchange of goods or services without the use of money
What is the equation for percent change?
[(New price- old price)/old price]x100
Difference in prices divided by original price and multiplied by 100
Define NHTSA
The National Highway Traffic Safety Administration focuses on transportation safety in the United States, making the roads secure and accessible by enforcing many guidelines
Define specialization
When consumers and firms concentrate on producing one particular or a limited number of goods or services
What is a command economy?
An economic system in which the government controls a country’s economy
Define opportunity cost
The cost of the next best alternative use of money, time, or resources when one decision is made over another
A company has $78,000 in revenue and $21,000 in cost, what is their profit?
Their profit is $57,000
($78,000-$21,000=$57,000)
Define ERISA
The Employee Retirement Income Security Act plays a crucial role in safeguarding individual’s hard-earned retirement funds, as well as providing a stable financial path in the changing economic environment
Define scarcity
When demands exceeds supply
What is a market economy?
An economy in which economic decisions are made by individuals or the open market
Define PPC
Pay-Per-Click is an advertising system where the advertisers pay only for each click on their advertisements
A company’s revenue in the year 2016 $76,000 and their revenue the following year end up being $84,000. What is the percent change, rounding to one place after the decimal point? Is this an increase or decrease?
A 10.5% increase
Define Sole Proprietorship
Sole Proprietorship is when an entity owns a business, meaning that all financial and legal responsibilities fall onto the list of duties that the owner may bear while running their business, including debts, losses, gains, profits, and such
Define the Law of Demand
consumers will buy more of a good when prices are low and less when prices are high
What is a mixed economy?
An economy in which there is a blend of economic systems; individuals and the government share in the decision-making process
Define GDP
Gross Domestic Product is the value of all the goods and services produced within a country's borders in a specific time period
A company’s profit in the year 2020 is $94,000. The previous year, their profit was $102,000. What is the percent change, rounding to one place after the decimal point? Is this an increase or decrease?
A 7.8% decrease