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Who cares?
Economics Stuff
Don't Fail!
Various Items of importance
Miscellaneous stuff
100
the cost of the next best item on your list
What is opportunity cost
100
a limit on how many imports we can have
What is a quota
100
a tax on imported goods
What is a tariff
100
focusing on your specific skill set, instead of producing everything yourself
What is specializing
100
Japan puts a 100% tariff on sports car imports. Will this increase or decrease USA exports to Japan?
What is a decrease
200
Blocking trade with another country
What is an embargo
200
the government giving money to help an ailing business
What is a subsidy
200
collateral, capacity to pay, character
What are the 3 C's of Credit
200
Risk Management
What is Insurance
200
having easy access to your money
What is liquidity
300
a retirement option that is not taxed
What is an individual retirement account
300
a retirement option that is taxed by the government
What is a 401K
300
the "cost" of credit
What is interest
300
a legal process by which you declare you do not have money to pay your debtors
What is bankruptcy
300
a bank account that is not insured
What is a mutual fund
400
what type of credit: car loan
What is closed-ended credit
400
What type of credit: credit card
What is open-ended credit
400
type of credit that refills itself when you pay off part of the balance
What is revolving credit
400
factors of production
What are land, labor, capital and entrepreneurship
400
different costs for producing the same good (one country can produce cheaper)
What is comparative advantage
500
One person or country being able to produce all goods better than another person or country
What is absolute advantage
500
Interest that is paid on top of interest that has already been paid
What is compound interest
500
a method for the government to make money that involves selling a promise to pay later with interest
What is a bond
500
targeting low-income, elderly or college students with little knowledge of financial matters
What is predatory lending
500
a type of card that allows withdraws from a bank account you already have money in, not borrowing money
What is a debit card