Vocab
This term describes the ability to perform a task at a lower opportunity cost than someone else is able to perform that task.
Comparative Advantage
True or false: Poverty is the result and not the cause of the "jack-of-all trades" phenomenon.
True
Before the 19th Century, what system of trade did most countries focus on?
Mercantilism
What term describes money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt?
Interest
This term describes the value of what you give up to do something.
Opportunity Cost
Name one way in which trade raises our standard of living and makes us wealthier.
It puts goods in the hands of those who value them.
It increases the quantity and variety of goods.
It lowers the cost of goods.
What is the term for an approach to production in which individual workers become highly skilled at a specific task?
Specialization
Which type of loan typically begins to accrue interest around 6 months after your college graduation?
Subsidized Loan
This term refers to the ability to manufacture a product at a higher quality and a faster rate for a greater profit than competing businesses or countries.
Absolute Advantage
What is the term for the total value of all the things a person owns?
Wealth
Name the UN organization that was created after WWII to protect trade around the world.
World Trade Organization (WTO)
Which type of loan begins to accrue interest as soon as you receive it?
Unsubsidized Loan
What is the term for how we measure countries' economies?
Gross Domestic Product (GDP)
True or false: Wealth is determined by how much monetary wealth a person has.
False
What is the term for when a country deliberately prints more money or uses other tactics to change the exchange rate of its currency?
Currency Manipulation
Name the 4 types of financial aid that can be acquired from FAFSA.
Grants, Scholarships, Loans, Work Study
What is the term for a tax on an import?
Tarriff
True or false: Everyone gains from expanding trade.
False
What is the trade agreement that was designed to facilitate more trade among the United States, Mexico, and Canada?
North American Free Trade Agreement (NAFTA)
What does FAFSA stand for?
Free Application for Federal Student Aid