Unit 1
What is the driving force of the economy?
Scarcity
What measures changes in price over time paid by consumers for goods and services?
What is the government's largest spending area?
Mandatory Spending
A country that produces goods at a lower opportunity cost has what?
Comparative Advantage
Name a supply determinant
- Expectations
- Input costs
- Regulations, taxes, subsidies
- Technology Advancements
What is the difference between GDP and GNP?
GDP is the value of goods produced within a nation's borders, and GNP is the value of goods produced by a country's citizens, domestically and abroad.
What makes sure the government doesn't default on loans?
Net Interest Payments
Name 2 of North Carolina's top industries.
- Textiles
- Tobacco
- Furniture
- Finance
- Pharmaceuticals
- Technology
- Food processing
- Vehicle Parts
- Tourism
What is called when price and quantity exceed the equilibrium on the supply and demand chart?
Surplus
What is the act of trading in an asset or conducting a financial transaction that has a significant risk of losing most or all of the initial sum with the expectation of a substantial gain?
Speculation
What are the start and end dates of the fiscal year?
Oct. 1-Sept. 30
What is the agreement that the U.S. has made to replace NAFTA? And what does it stand for?
USMCA (United States-Mexico-Canada Agreement)
What does "Ceteris Paribus" mean?
All other things being equal.
What is the simultaneous purchase and sale of funds in order to profit from a difference in interest rates?
Arbitrage
Bartholomew buys 3 shares of stock, makes $40,000, and sells it 1 month later. What kind of tax will they pay on their profit?
Capital Gains Tax
Name two costs of globalization.
- Increased income inequality
- Loss of Jobs in the U.S.
- More power to big companies
- Lower standard of living (sometimes)
Name both of Karl Marx's books.
Communist Manifesto and Das Kapital
Name two things Federal Reserve District Banks do.
- Supervise and examine member banks
- Provide key financial services
- Support the government
- Serving their district
- monitor financial risk
- ensure compliance with fair lending laws
Name one of the Social Security trust funds.
- Old age and survivor insurance trust fund (OASI)
- Disability Insurance trust fund
Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.