Unit 1
The factor of production that is used to create goods and services
What is capital?
The default phase of the business cycle
This makes up the smallest proportion of the federal budget
What is Interest on Debt?
Trade with no restrictions and left to follow its natural course
He believed in a creating classless society to reduce inequalities
Who is Karl Marx?
The value of all finished goods and services produced by a country’s citizens
What is GNP (gross national product)?
How Taylor Swift was able to re-record her albums
What is Copyright Ownership?
This recently replaced NAFTA
What is USMCA (US-Mexico-Canada Agreement)?
The economic system that the US follows
What is a Mixed Economy?
Has a dual mandate to reduce unemployment and maintain stable prices
What is the Fed?
This is often considered by congress as a solution to save social security
Allows a country to produce a higher volume with a given amount of resources
The market structure that is represented by phone companies
Simultaneously buying/selling funds in order to profit off interest rates
What is Arbitrage?
One person's use of a good/service doesn't diminish another's ability to use it
What is Non-Rivalrous?
A controversial cost cutting measure that removes domestic jobs
What is Outsourcing?
The difference between what you are willing to pay and what you actually pay.
What is Consumer Surplus?
Short term interest rates for inter-bank lending
What is indirect tax?
20% of this industry's exports come from NC