Economics Part 4
Currently federal minimum wage in America sits at $_________ an hour. Twenty states have a minimum wage this low.
$7.25
The rise in prices of goods and services over a period of time is known as:
inflation
In America 10% of the population owns 80% of the wealth while forty million people live in poverty. This is an example of ____________________
wealth inequality
an industrialized nation with the transportation and business facilities for advanced production of manufactured goods (ex. USA) is known as a:
developed nation
The last time the federal minimum wage was increased was in the year:
2009
the desire consumers have for a good or service is known as:
demand
the amount you earn for your work (annual salary) is known as your
income
a nation in the process of becoming industrialized (ex. Indonesia) is known as an:
emerging nation
The things people need to spend money on to survive (rent, food, clothing) are collectively known as the "cost of __________________"
living
the total amount of a goods or services that are available is known as
supply
Your total assets (value of things you own) minus debt (what you owe) comprises your:
wealth
____________ is the elimination of trade barriers (ex. tariffs) among nations; it increases economic wealth and promotes peace
example: European Union
free trade
The minimum income necessary for a worker to meet their basic needs (housing, food, etc.) is known as a
living wage
The lowest credit score rating a person can have is:
300
The highest credit score a person can have is:
850